Planning for the Millennial Generation

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Mark Petersen, Vice President of Affluent Wealth Planning

The Millennial generation (“Millennials”) is changing the world. In my world, that means Financial Planning will evolve and Planners will adapt to meet people’s changing needs. One must then ask, “How will financial planning adapt to serve the Millennial generation?”Millennials were born into a world of Twitter (140-character limit), instant messaging, continuous connectivity, emojis, abbreviations and blogs.  All the above items relate to the way Millenials communicate and, by extension, the way they think. In my experience, Millennials tend to focus on one topic, achieve resolution and move on to the next. It is not that Millennials do not want an entire financial plan, they simply want the pieces at the appropriate time. This is the antithesis of traditional financial planning which incorporates all financial aspects into one Holistic plan by integrating the disciplines into a cohesive and synergistic roadmap which encompasses:

o   Financial Reporting

o   Education Planning

o   Tax Planning

o   Risk Management

o   Retirement Planning

o   Estate Planning

o   Investment Management

Several years ago Carson Wealth observed that the future of financial planning will evolve into transactional based planning. A specific event will trigger the desire for planning which is oriented to a specific goal at an opportune time. These goals may include:

o   Starting a business

o   Saving for a down payment to purchase a first home

o   Setting up a tax efficient college saving plan

o   Succession planning for an existing business

o   Evaluating cash-flow before leaving the workforce

o   Providing for next generation inheritance

Many of these activities take years, if not decades, to plan for effectively. In 2015, Carson Wealth developed the ‘Focused Plan’ which is narrow in scope and addresses limited but meaningful topics.  Focused Plans are tailor made for the way Millennials want to receive a Financial Plan and it works for their parents, too.

o   Determination of your ‘Family Index Number’, the annual rate of return necessary to accomplish your goals and not outlive your assets

o   Risk Management Analysis

o   Personalize cash-flow consisting of Education planning or Social Security planning or Retirement planning

The one piece of advice I would give to anyone regarding finance would be to: “Develop and implement a written financial plan which is flexible to handle your changing circumstances and incorporates a means to monitor, adapt and measure progressive accountability.”

We have a saying in the Carson Wealth office, “What gets written, gets done!”  Whether you are a Baby Boomer, Generation X or a Millennial, get started today on your written Financial Plan, by contacting your Carson Wealth Advisor or a member of the Wealth Enhancement Group.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Retirement Funding: More than a 401k Account

Published by Mark Petersen People have many different ways of saving for retirement. One may utilize pre-tax or post tax savings, invest in appreciating assets or collectibles or even allocate money to assets which may simply maintain their value over time.

Creating an Enduring, Intangible Legacy

Published by Beth Schanou, Creating a lasting legacy requires more than legal documents transferring material assets. Although a considerable amount of time is spent on the estate planning process, often the transfer of wisdom, insight, experience and other similar intangibles are not considered.

A Life Defined Starts Here

Many people set goals, yet on average they only attempt them less than once. Those who do reach their goals attribute their success to setting tangible, measurable objectives – and pursuing them with focus and determination, even when faced with challenges. Click here to open fullscreen
1 2 3 87 88 89 90

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation