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What professional service do 87% of Gen Xers want to use, but don’t?

September 20, 2019

A financial advisor! According to a recent study, 87% of Gen Xers would use a financial advisor if they found the right one.(1) So what’s keeping you from finding the right advisor?

Is it cost? Despite what TV and movies show, financial advice is not just for rich people. There are options for all income and asset levels, and speaking to an advisor can inform on what costs actually are. Further, I think that the people who benefit the most from financial planning are those that don’t have vast riches. Middle-income people often need to make tough choices with their money and guidance can be critical in these decisions. For example, It’s hard to know if you should put money in a retirement account or supplement your child’s college education, and working with a professional can be immeasurably helpful.

Is it embarrassment? Do you feel hopelessly behind in retirement saving, and are embarrassed about this fact? Believe me, we’ve seen worse than you! In fact, over a third of Gen Xers have absolutely nothing saved for retirement. This is what we do, and there is no reason to let your embarrassment keep you from seeking professional assistance. You may be behind, but you still have time to make a major impact on your retirement savings if you get moving now.

Is it fear of the unknown? Are you worried that you won’t understand what a financial planner is saying, or that the meetings will be full of complicated jargon? No planner worth her salt should be speaking over your head. It is part of our job to ascertain your level of knowledge and work from there. Planning the questions to which you want answers ahead of time can help with this nervousness. If you don’t click with the first advisor you meet, find another one. There are plenty of planners who are patient and genuinely want to help you. Trust me, we’re out there! It’s never too late to take planning for your retirement seriously. Don’t let fear or embarrassment keep you as one of the 87% of Gen Xers hoping to find the right advisor!

(1) Financial Advisor Magazine, July 3, 2019

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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