Modern Wealth advisors are useful at any time of life. Whether you are nearing retirement age, have already retired or had a significant change in your life circumstances to plan for – such as starting a family – then the services of a modern wealth advisors can be invaluable.
Not only will your finances be placed on a sounder footing, but your entire portfolio of financial products should be geared to work towards your life goals, not against them. When it comes to millennials who have so much of their lives ahead of them, the importance of financial planning should not be underestimated. Why?
What a Modern Wealth advisors Offers Millennial Clients
When a millennial seeks the services of a wealth advisor, they are engaging for a wide range of reasons. In other words, no two clients are the same. This does not mean, however, that millennials don’t share certain priorities that wealth planning can help with.
For many, this means organizing their savings so that they can enter the housing market as owners instead of renters. For years, the rising cost of renting has meant that it has been hard for many millennials to save the money needed for a down payment. However, with access to government programs and the right sort of savings products – things that professional financial advisors can assist with – saving enough money for a down payment on a home is no longer as difficult for those just entering the workforce.
In addition to purchasing a home, many millennials seek advice because they want to plan for their retirement. Although this may be decades away, starting a retirement plan now is the right thing to do if you want to retire early, travel to see the world or have other life goals that don’t include working until your 65.
By putting money away in your younger years you will be able to see much more compounded growth in your retirement plan because it has so much more time to grow. Conversely, investing in your retirement later in life means you’ll probably have less because you saved less over less time. In short, the time to plan for your retirement is in your twenties. Since most employers offer retirement plans, modern wealth advisors can help you work out the best way to invest and diversify within them, in keeping with your goals and risk tolerance.
The Changing Investment Landscape
Being able to adjust your plan as you move through life, whilst keeping an eye on your long-term financial goals is what good wealth planning should always offer. For millennials, this is particularly important because who knows what the growth industries of the next thirty years will be? Will increasing automation or greater globalization change the economic landscape? Wealth planning should know where the smart money is heading and where the future risks may lie.
After all, no-one has a crystal ball that can predict the future but careful financial planning is the next best thing.