Going back to school? Mature students can take advantage of their unique financial circumstances.
It’s never too early to be smart about finance. Check out these 4 tips for 20-somethings.
Deciding whether to rent or buy is more complicated than it was a generation ago
When I was a child, my mother never discussed her income, or whether the family was struggling financially. As an adult, I learned this was because she didn’t want me discussing these issues with friends. But I now realize this was a missed opportunity to teach me about money, and for her to explain why it was a sensitive topic.
Consider this: Your clients are 27 years old and married. The wife wants to go back to school to get her MBA. She has not used her RESP room because her parents didn’t create one for her, and she attended her undergrad on a full scholarship. So she’s got questions.
Historically, Young people have bought houses after getting married. These days, though, many newlyweds have no choice but to rent in expensive cities, while affluent singles are buying larger homes in suburbs and exurbs.
Young clients have long time horizons. So they’re prime candidates for a set-it-and-forget-it investment model.
How do you convince millenials they need advisors?
Young people rarely meet the minimum requirements to become clients, but that doesn’t mean you can’t help this emerging generation of investors.
Many advisors want clients who’ve already amassed wealth. But for the longevity of your business and future growth, it’s important to spend time prospecting young clients.