When adviser Jackie Kleinman decided to create a program to help young professionals manage the money issues that come up early in their careers, she ended up rejuvenating her own career, too.
“Recent graduates entering the job market for the first time don't know what to do with their 401(k) plan or bonuses or stock options they might be receiving,” said Ms. Kleinman, who is a principal of KB Financial Advisory, based in San Francisco. “They may have just passed the bar and started working at a demanding job, and they have no time to figure these things out.”
Ms. Kleinman developed a platform she calls On Your Way To Wealth to give young professionals guidance on financial decisions they may be facing for the first time.
Though she hasn't finalized all the details yet, the program will offer professionals under 30 making $100,000 or less a set number of visits a year, as well as some phone meetings for a flat fee of approximately $1,000.
“The idea is to make their lives easier,” she said. “Some of them have been in school for 20 years, and they have no money, but all of a sudden they have a great job.”
She said has seen young professionals fresh out of college start out in nearby Silicon Valley with $100,000 salaries, complicated health benefits, stock options and retirement plans, and they don't understand any of it. After a year or two, they may have a new set of questions, from whether and how to buy their first home to managing a startup.
“This has been a shot in the arm to me,” she said. “I'm enjoying this new generation of clients.”