Next generation clients want advisers to help them live better lives

Transcript:

[Alan Moore] One of the misnomers is that people don’t pay for financial planning and actually there are studies that show the younger generations are more willing to pay for financial advice if they see the value.

Clients are coming to us and they’re looking for fiduciary-based financial advice. They want real advice. They don’t want conflicted sales pitches. And so they’re coming to us looking for us to be able to help them figure out what they want out of life, and leverage, and you know, use their money in ways to support their version of a great life. They don’t just want to be told: save as much money as possible and don’t have any fun until you’re sixty five and you retire and then you can have some fun. We’ve watched our parents go through that. We’ve watched our parents not be able to rely on social security the way that we hoped.

And so they’re really taking ownership of their financial life. They’re coming to an adviser to get that advice.

And so advisers are really working with their clients in a couple of different ways. One of the big differences that we find, that really the industry has not been prepared for, is that younger clients need help with laying that financial foundation. Really it’s about behavioral change. Helping the clients to develop the financial habits to allow them to be successful long term. Are they tracking their spending? Are they spending less than they earn? Are they saving something for retirement? Are they focused on, you know, some of the various components that, in the end when clients came to us with millions of dollars, they sort of already have all that figured out?

And so we’re just excited to see this new crop of clients talking with our advisers that are looking for that fiduciary financial advice.