Good Life Asset Strategies have a duty to serve each client’s best interests as fee-only financial planners. Every client comes to us with a unique set of goals and an individualized timeline in which to meet those goals.
We also like to keep up with high-level trends among our client base. It’s interesting to note that many financial planning and investment trends are generational in nature.
Here are a few trends we tend to see, based strictly on client age and life experiences.
Retirees and those preparing for retirement are facing the shortest timeline in which to meet their financial goals. The Baby Boomer generation, overall, remains confident that they’ll experience their best years of life after retirement. For our high-net-worth clients, that’s generally true.
Their peers are not always so fortunate.
These points are worth considering for fee-only financial planners, members of this generation, and those who may need to care for them as they age.
Since many Gen X members are now or soon will be caring for their Baby Boomer parents, the amount of debt this generation has amassed is concerning. The average individual debt from mortgages, credit cards, student loans, and personal loans already exceeds $125,000. The prospect of planning for college and caring for aging parents creates a huge mental and financial burden for Gen Xers, who are generally pessimistic about ever being financially secure or being able to enjoy retirement.
As experienced fee-only financial planners, the advisors at Good Life are well versed on the stresses faced by our Gen X clients. They remain concerned about setting goals for the future that include supporting parents and children while also planning for retirement.
The largest generation in the U.S. population, Millennials (also known as Gen Y) tend to start off with lower household income and record average student loan debt.
As Millennials reach their mid-life earning stride, we’re seeing more urgency as they begin seeing their retirement on the horizon. What fee-only financial planners provide is customized advice and strategies for asset and wealth management for the individual, and it’s never too late – or too early – to start saving for retirement.
Gen Z kids will comprise 30 percent of the workforce in the United States in just 7 years. Overall, the news for Gen Z is more promising than previous generations because of their financial skepticism. They’ve grown up experiencing some rough financial times, and it seems they’ve learned something from it.
Members of this Digital Generation are more apt to depend on their own financial savvy and motivation to increase their net worth, rather than reaching out to fee-only financial planners and investment advisors. Because of their confidence, Gen Z members remain optimistic about the future.
While we’re keeping a cautious eye on the markets at all times, Good Life advisors have more strategies for asset and wealth management and growth than just stock market investing. We can work with each client’s goals, timeline, and risk tolerance levels to devise a personalized plan that helps ease their financial worries for the future. Set up a free consultation today to learn more.
Schedule a complimentary 30-minute consultation.