If you click on this article – 8 Reasons Gen X is Especially Good With Money – you might wonder why I, a financial planner, am talking about it. After all, in the opening paragraphs it says this:
Born between 1965 and 1980, they’re used to doing things for themselves, so they don’t need to waste money paying someone to manage their money or tell them how to manage financial stress. They’ll handle it all themselves, thank you.
So, while it might seem counterintuitive to point out that Gen Xers don’t want to pay for financial services, there are some qualities about this generation that make them perfect for professional financial planning.
- They’re independent.
- They want a work-life balance.
- They’re adaptable.
A productive financial planning partnership between a client and an advisor embraces all of those qualities. Yes, we’re there to create a plan, but it’s also up to the client to implement some of the pieces.
Every advisor has had a client who has come back to them disappointed in an outcome they were hoping for, and every advisor has asked the question, “Did you do [this part of the plan that we talked about before]?”
The answer is almost always no.
The fact that Gen Xers are more open to new ideas when it comes to their financial plan AND are more likely to follow through with them, makes this a win-win for both the client and the advisor.
Independence:
“Gen X’ers are more likely to have a 401(K) and believe that the ability to save for retirement is mainly their responsibility.”
Perfect. Let’s come up with a plan to get you where you want to go because I know you’re going to implement it. You like to do things for yourself and I’m going to give you the tools to do it.
Work-Life Balance:
“…they are more likely to manage their time and make sure they have enough time for both work and play. And this extends to their choices for how to make money.”
YES. Let’s create a plan that not only prepares for the future but allows you to enjoy life now. You understand the need for a diversified portfolio. I understand that everyone’s goals are different. Together we’ll do something amazing.
Adaptability:
“Gen X’ers are more likely to start their own businesses, have online brokerage accounts, and invest in a broader range of assets than other generations.”
I love that you want to start your own business and that you also understand that we don’t save for the future like our parents did. You know that it’s up to you to create the future you want; pensions are pretty much a thing of the past and you’ve adapted to that change. You also understand that a plan needs to be fluid and you’re willing to communicate these changes with your advisor. There’s no shame there; it’s just life!
As with most things – yes – you can go it alone. You can fix your own car. You can do your own taxes. You can replumb your entire house. I know you have it in you do it all.
But do you WANT to?
Let’s take the amazing qualities you already have and make them work for you and your money. CLICK HERE to contact me.
