The Times They Are a-Changin' (Major Millennial Life Shifts in Store For 2022)
There has been a lot of discussion this past year about life transitions Millennials are making in the aftermath of the pandemic. After reading an article from Think Advisor issued in October, it got me thinking about some of my Millennial clients and the kind of advice I should be giving them as their financial advisor. Surpassing the Baby Boomers as America’s largest generation, financial advisors across the country should be paying attention to and making inroads with Millennials.
What I’ve realized at IEM is that Millennial clients have different viewpoints on their finances, and how they’re different from their Baby Boomer parents when it comes to financial planning. People from my generation see their financial advisor as a resource – not just a service they pay for and check-in about quarterly. They want to be involved and have more touchpoints throughout the year whether that be via text, email, or video. Another important thing I’ve noticed in interacting with Millennial clients is that they want a mix of personal wealth gains alongside charitable giving to causes they’re passionate about.
I’ve listed some things to keep in mind if you’re a part of a generational wealth shift through family dynamics (think estate planning, wills, etc.) and if you’re staging a strategy to maximize your future financial goals:
If you’re searching for or have made a new job move, be sure to make a list of all the benefits you have at your current company. There’s a wide variety of employee benefits options from job-to-job that you may not think about. As always, me or our talented staff at IEM are happy to discuss your personal situation at any time.
According to the Think Advisor article, 24% of Millennials plan to buy a new a home, 19% plan to change jobs, and 15% are looking to have a child in the next year. Those are certainly a lot of life changes for a massive generation of people. My advice – know that these changes can bring an unusual amount of stress to you and your family. Having a solid financial plan in place with a trusted financial advisor will ease those stressful financial decisions.
Lastly, don’t forget about the charitable and philanthropic avenues at your disposal. Instead of kicking the can down the road on causes you’re passionate about, decide on how much you want to donate and stick to it. Often times, we forget our charity doesn’t have to be monetary in nature. In honor of the holiday spirit, think about the different ways you can make an impact through volunteering while making the most of your time.
Happy Holidays to you all!
~ Presented by Dan LaNasa