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Wealth Planning for Millennials

Posted on: April 24th, 2015
millennial wealth planningMillennials have unique estate planning needs, and when it comes to investments, statistics show their choices vary from other generations. Wealth planning takes several approaches for the generation born from the 1980s through the early 2000s. For one, lifestyles are not consistent among this demographic. Some Millennials are part of ‘The Boomerang Generation’—having gone off to college and then returned home to live with parents due to a struggling job search. Others are part of a growing trend of couples delaying marriage. Overall, some tendencies with this generation remain similar regardless of lifestyle.

A report from Financial Planning recently forecasted that high net worth Millennials will continue to grow their wealth. What factors should be considered when considering one’s wealth plan?
  • Socially-conscious charitable giving. The local and sustainable movement rose as this generation came of age. Wealth plans including investments or gifting strategies involving start-ups with environmental or sustainable goals might be more attractive to this demographic as it aligns with values instilled throughout their lives. 
  • Timing and data. Since Millennials witnessed the Great Recession, they could be cautious about investing. The older segment of Millennials also witnessed the Dotcom Crash around 2000. This generation might hesitate with investments and miss out on returns. Diversifying investments is helpful for any generation, but it is one way to mitigate Millennials’ fears of wealth loss. Educating about types of investments and strategic timing would also aid in empowering investment decisions.
  • On demand. Baby Boomers grew up in an era void of smartphones and instant information. They did not mature expecting real-time data. Millennials, however, are also referred to as the ‘Me Generation.’ Personalized instant information is commonplace. If investments are not accessible or customizable online, they might not appeal to this generation.

Wealth planning for Millennials is not a specialized boutique area of investments. Millennials are the largest growing demographic. Their investment choices will become the majority. Bring up concerns during planning meetings to properly structure investments and estate plans with the same goals. Learn more about asset protection.
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