Throughout his impressive 20-year-long career, Gabe Fenton, Boulder, CO financial advisor, has helped a wide range of clients acquire new approaches for fiscal management. From wealthy individuals to families, from new businesses to expanding companies, Fenton has relied on his proficiencies to ensure that his clients understand the best ways to lay out a future for financial success. However, he notes that the ways to handle clients varies as greatly as the backgrounds they represent.
For example, as many aging baby boomers face retirement and investment struggles in financial management, numerous experts in the field have begun to look at how younger consumers are embracing fiscal literacy. While the trends remain encouraging—such as young adults having a greater appreciation for saving funds—Fenton notes that “millennials” still require a great deal of information and guidance when it comes to mastering the ever-changing economy.
However, a recent article from WealthManagement.com suggests that it may prove difficult for millennials to get the right guidance simply because there is a lack of financial advisors born to this generation. Gabe Fenton, Boulder, CO resident, explains, “Without management that is relevant to the client’s needs, an individual will not get the right financial guidance they need to reach a greater point of success in the future.”
WealthManagement.com observes, “It’s no secret the advisory workforce is getting old. On average, advisors are over 50…Less than five percent are under the age of 30. So as baby boomers in the office retire, branch office managers looking to fill the void will have to dip into the demographic pool known as ‘millennials’ those individuals born between 1980 and 2000. And while it’s always a bit disingenuous to speak in sweeping generalizations, demographic experts say the younger generation has vastly different expectations of how to be recruited, managed and led.”
As a younger professional in the financial management field, Fenton notes that it is increasingly important for young individuals to embrace this industry—both in the sense of a career and as a service to utilize. He supports efforts for financial advisor veterans to connect with millennials and provide them with a sense of open mentorship—one that involves two-way communication. Fenton explains, “If younger financial advisors can allow themselves to be managed by veterans and veterans can learn the issues facing young citizens, then the professional literacy among both groups can increase enormously to benefit all clients.”
While the WealthManagement.com article highlights ways to increase potential among young financial advisors, Fenton believes it is also important to look at the ways to increase potential among young clients. For instance, a recent article from Forbes observes that many financial advisors are reaching out through social media on a regular basis. It reveals the findings of one Accenture study and states, “about 60 percent of advisors surveyed who were active on social media had client portfolios over $20 million.” Fenton replies, “Social media is one of those small, yet important aspects of the evolving financial management industry. As Forbes suggests, this prevalence of social media activity from advisors can reach out to broad audiences—including millennials—in order to create a constant sense of fiscal awareness among clients.”
According to the Forbes article, the survey also found some intriguing information that Fenton believes current financial advisors should remain aware of when managing younger clients. The article reveals, “The survey showed that millennials are conservative and mistrustful when it comes to finance. It uncovered two big perception gaps between advisors and investors in knowledge of investing where advisors are three times as likely to describe clients as very knowledgeable as the clients themselves—42 percent to 12 percent of clients. Advisors are also twice as likely as clients to describe the client investment preferences as aggressive.”
“Financial advisors today need to be aware that younger clients want to be informed—they do not want someone to just manage their accounts. In order to gain trust among millennials and younger generations, advisors must get down on their level and make clients understand their options when it comes to building wealth,” Gabe Fenton, Boulder, CO finance professional, concludes.
Gabe Fenton, Boulder, CO resident, is a leading professional in the world of business development and financial consulting. With more than 20 years of experience in the field, Fenton has had the ability to utilize a diverse set of industry skills to help clients gain a higher sense of fiscal responsibility, as well as discover paths to greater success. Apart from his years of financial advising service, Fenton has channeled his proficiencies into authoring and publishing a book titled Employee Stock Options, A Strategic Planning Guide for the 21st Century Optionaire. In addition to his years of accomplishment, this graduate from the University of Massachusetts remains focused on his work in financial advising and business development.