I’m a financial planner and I only work with Millennials – cue the laughter. It’s definitely the non-traditional route, but to me, it’s the smartest route and will be the most impactful. Here are some of the things we heard when starting our firm, TruWealth Planning:
“But, Millennials don’t need financial planning.”
“Millennials don’t have any money.”
“You need to go after retirees!”
None of that surprised me. This industry is traditionally about gathering assets under management or AUM. Well, my generation doesn’t have a lot of assets, but how does that equate to us not needing financial planning? When I was studying for my CFP® Certification I had to learn about investments; but also retirement planning, insurance, taxes, estate planning, and a slew of other topics. Pretty weird that just because Millennials don’t fit the ideal investment client profile that they all of a sudden don’t need any help with financial planning.
I help my clients with parts of their life other than their investment portfolio. In fact, when I meet most of my clients for the first time, they don’t even want to talk about investing! They want to talk about the shit that matters to them! Their cash flow, their debt, their future, starting a family, and getting on the right track. Believe it or not, those topics aren’t what most advisors focus their time on. Why you ask? Well, because there is no product to help in those areas. The way you help in those areas is with good advice and solid planning. And that’s what my generation wants.
“You need to go after retirees!” No thanks! I can’t relate to someone in their 60’s. And frankly, they’re not going to listen to me! More often than not, I am younger than their kids. Also, the reason people go after retirees is because they have 401(k) rollovers, and it’s an easy way to gather assets. Once again though, my focus isn’t on gathering as much AUM as possible, but to actually do meaningful financial planning. And someone who is in retirement already has their habits formed; no shot I’m going to change them. Millennials are in the beginning of their careers and are forming the habits that they will carry with them throughout their adult life. So if I can help our clients start to form good habits, especially around their finances, the dividends that will pay and the positive impact that will have on their future will be huge and that’s why we’re so passionate about working with young people!
So, yes – we are non-traditional but I also get to spend my days working with a bunch of other Millennials who are going through the same things as me! I don’t think it gets any better than that! I also get to wear jeans every day which is awesome and my clients love it too.