Millenial and Gen Z Clients Need Financial Advice

According to a recent CFP Board article, financial opportunity abounds in serving the Millenial and Gen Z generations. For example, the article reveals that “more than half of Americans were Millennials or younger as of July 2020. While the term ‘Millennial’ has been synonymous with ‘young adult’ throughout much of the past decade, it’s a descriptor for those born between 1981 and 1996. Many of these Millennials, who now range from 26 to 41 in age, are entering new life stages as they advance in their careers, save for retirement, and plan for their own children’s financial futures. The oldest members of ‘Gen Z,’ ages 18 to 25, are also beginning to earn full-time wages and are projected to comprise nearly one-third, or 30%, of the workforce by 2030.”

Here's an interesting dynamic—"Millennials and Gen Z are receptive to working with financial professionals. Three-fifths of Americans, including 71% of Gen Z and 72% of Millennials, say there are financial topics they want trustworthy advice on but aren't sure how to get it. Haley Tolitsky, CFP®, a financial planner at Cooke Capital who is passionate about empowering the next generation, observes that younger generations are often excited to discuss their finances. A member of Gen Z herself, Tolitsky says that her younger clients “want to be educated and they want to do better.” In a rapidly changing job market and the aftermath of a global pandemic, the time is right for financial planners to engage with these highly motivated clients.”

While the members of these generations may have yet to amass six-figure portfolios, they are nonetheless in need of sound, objective financial planning advice. In the process of providing that advice, CFP® certificants are well-poised to uncover and address issues such as retirement savings, insufficient life insurance, gaps in long-term disability coverage, college savings strategies, and more.