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Financial Planning for Millennials

Most millennials probably think they don’t need to work with a financial planner yet because they are still paying back student loans and aren’t making much money, but in reality many of them would be much better off financially if they did.

If you’re a millennial, know this about financial planning: Time is still on your side, but it won’t be for much longer.

Building the resources you need to help you accomplish what you want in life isn’t complicated, but the sooner you start, the better off you’ll be. If you wait too long, until you are in your 40s or 50s, you’ll have to save and invest a much larger portion of your income.

According to Nico Coetzee, Executive: PPS Financial Planning, millennials can be characterised as eternal optimists, open-minded and social centric individuals who have nuanced needs when it comes to financial planning. Due to this generation having a different mind-set compared to other generations, they need a different type of lifestyle financial planning.

Millennials, more than any other generation, value the ability to manage their own finances by using technology, especially from their mobile devices, he says. “They are very likely to visit a financial services company’s social platforms for relevant content and advice. This generation is also very hungry for educational information and influential content, such as customer reviews, expert commentary, thought leadership and product or service information.”

It is important for millennials to understand the value of the new generation of financial planners, known as ‘lifestyle financial planners’, says Coetzee. “Financial planning has evolved over the years and these lifestyle financial planners are not in the business to sell products, but rather look at how they can develop simplified and relevant financial plans,” he explains.

Coetzee explains that lifestyle financial planning is made up of a number of small decisions, as opposed to one big decision. “A lifestyle financial planner will be able to guide the individual on how to implement these small decisions in their life to achieve their overall financial goals.”

THREE things to keep in mind when looking for an advisor:

  1. Find an experienced advisor.

Millennials often want to deal with professionals their age, however, the best fit for any person seeking financial advice (especially a millennial!) is to consult an advisor with experience. You already have some of the knowledge because you’ve most likely done your research and you have an idea of what you are looking for but you lack the experience to match that with the appropriate product. You also lack the knowledge to know whether the product you have in mind is the correct one for your current needs, unforeseen needs, current circumstances and future goals.

  1. Look for someone who will work with your busy schedule and lifestyle.

Everyone is busy these days and for most millennials who are working long hours, building families, and taking time off to jet around the world it can be hard to make time to schedule appointments. When you are looking for your own financial planner make sure they can work with your lifestyle and will be available when you need them to be.

  1. Find a financial planner that LISTENS!

When you are looking for a financial planner who specializes in working with millennials look for someone who actually listens and can respond to you and your own goals. Everyone is different and requires a different path.


Adapted from:

Financial planners for millennials – Grant Sabatier

Financial planning for millennials – Nico Coetzee

9 financial planning tips for millennials – Shannah Compton Game

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