How Can Millennials Benefit from Working with a Financial Advisor?

Financial Advisor

It makes sense that Gen Y is a little wary of trusting financial advisors. After all, the term conjures up a mental picture of some stuffy guy in a suit, older than our parents, richer than we’ll ever be, pushing products we don’t need and services that don’t make sense for our financial goals.

But this is not what financial planning across the board looks like anymore. Younger advisors want to help their 20- and 30-something peers by providing actual financial advice and helping create road maps to financial success.

Many up-and-coming, fee-only financial planners don’t sell insurance or push aggressive investment management plans. Instead, they develop close relationships with young individuals, couples, and families so they can guide these people to the path they need to take in order to reach their big financial goals.

Because the financial services industry is changing, Millennials can benefit from working with a financial advisor who specializes in serving Gen X and Gen Y clients. Here’s how:

Financial Advisors Provide a Financial Road Map

Knowing financial fundamentals is one thing. But being able to work with a professional as part of a team to apply those fundamentals to your unique situation is another entirely.

That’s a huge benefit of working with a financial advisor: you have someone on your side who helps you understand how to develop excellent financial habits and great money management skills and teaches you how to put that knowledge to the best use. They work with you to develop a road map that’s just for you and what you want to do with your life to ensure you’re using your money to reach your dreams.

Millennials can benefit from a financial advisor who keeps you focused on your goals, big and small; and ensures your finances are aligned with your values and what’s important to you.

Planners Can Help Ensure You’re Working a Job You Love

Financial planners do more than help you manage your money. They can turn their focus on the source of your earning – your career – and help you improve your income as well.

Today’s planners can help you start businesses, find alternative employment options if you’re sick of the traditional 9 to 5, and provide assistance with career management and development. Again, the goal is to help you live the life of your dreams and do more with your money. It’s important that the source of your earnings is part of that conversation.

Guiding You Through Tough Times (and Steering You around the “Big Mistake”)

Life can throw a lot of curveballs your way, but a financial advisor can help you – and your finances – work through it all to come out on the other side intact (and maybe even on top). Having someone to turn to help you understand what action you need to take, even when things aren’t going well, is invaluable.

Planners have a unique viewpoint on your situation and can steer you around the “Big Mistake.” The Big Mistake can be a variety of things and yours may not be the same as your friend’s. (For example, selling your investments at the bottom of the market or making other emotional decisions with your nest egg.) It could be any detrimental decision you make that has a huge, lasting, and negative impact on your finances and your life – and can be avoided with the guidance of a trusted advisor.

Oh, and one more thing – don’t avoid seeking professional financial help because you don’t think you can afford it. Again, the financial services industry is undergoing a huge change, and younger planners are making sure Gen Y can afford help. We believe you don’t need to be rich to receive help getting rich.

Photo Credit


About Alan Moore

Alan Moore is the co-founder of XY Planning Network, the leading organization of fee-only financial advisors who are focused on serving Gen X and Gen Y. He is a a Certified Financial Planner™ (CFP®) and Certified Retirement Counselor™ and runs Serenity Financial Consulting.

Leave a Reply