Financial Planning for Millennials

Financial planning for Millennials – really?  I am not sure why the industry truly believes that this age group is so different than the one before or the two before or three before.

I came across an article with input on how Financial Advisors may attract Millennials.  Hmm!  Okay, the points in the article, in my opinion, would apply to most people.  There is one exception – technology.  The people, even our seniors, here in Silicon Valley are pretty good with technology.  I have met people across the country who believe they are not good with technology.  I would disagree.

Now the types of tools, strategies or products do vary by age and net worth.  I would not encourage a younger person to overfund their IRA/401k.  I would encourage a you alternative strategies the provide income tax free income.  Yes, of course, this is a curve from what most people are advising.  The curve is because I, as a fiduciary, believe in educating people about what fits them best.

Financial planning for Millennials

You may have heard if all you know how to do is swing a hammer, everything looks like a nail.  Look for an advisor who is both an Investment Advisor and a licensed insurance agent.   Why?  No more hitting everything with a hammer (insurance only or stock market only.

In this article, you will see how some of my ideas are counter to what the industry, or this author, thinks is best.  Especially comments like – “Stereotypical Millennials” – well, I agree, there is no such thing.  We are each unique.