Posted in: Make Money

How to Work With Millennials and Gen Z

If you want to work with Millennials and Gen Z, you’ve probably seen these articles in the past year. Bob Klein and Karen DeMasters’ MarketWatch articles were interesting, as was John Curry’s CAPTRUST piece, and LPL’s NestWise’s recent signing of 10 new advisors. These articles will give you some tips on working with these generations and ensuring that you’re able to provide them with the best financial advice possible.

Bob Klein’s MarketWatch article

While Bob Klein’s MarketWatch article is spot on, it is important to remember that there are many things to look out for when hiring a financial advisor. While he notes the benefits of working with a professional who understands your needs, the pitfalls of hiring the wrong one may be just as damaging. As a rule of thumb, the younger an advisor is, the less they will be able to help you.

John Curry’s CAPTRUST article

In a recent interview, CAPTRUST Chief Marketing Officer John Curry discussed the firm’s plans for the future of VESTED magazine. Curry explained how the firm reinvests 50 percent of its profits each year. The company’s strategy includes creating an interactive retirement readiness tool as well as modernizing its back office technology to provide clients with a streamlined experience. This strategy is also intended to move everything from paper to the cloud.

LPL’s NestWise’s signing of 10 advisors

After LPL acquired Veritat last year, the new company was quickly picking up momentum, with a recent press release announcing the hiring of 10 new advisors across three regional offices. The company had received good marks on its progress reports, and investors were speculating that the new startup would be a hot one. And then, Bloomberg stepped in to make a similar investment. It seemed like there was a movement.

CAPTRUST’s John Curry’s article

While the brokerage industry continues to struggle to compete with CAPTRUST, its business model and sophistication is worth watching. CAPTRUST’s business model is based on its ability to scale, and wirehouses have struggled to follow suit. The firm has grown from just 28 financial advisors in 2007 to 78 today. The firm has increased its asset base from $22 billion to more than $85 billion in assets.

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