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Millennials Seeking Financial Freedom

MillenialsRachel Lake had worked with financial planners before, but the relationship didn't click until the Millennial began working with an adviser who focuses his message, and methods, on her generation. "It's more like a partnership,'' said Lake, 32, who is a home loan specialist living in Boston. “You want your personal trainer, your CPA and you want your financial adviser but I want somebody to be there more as a coach than as someone telling me what I should be doing. Because I don't feel like I'm on a traditional path, and I don't think I'm alone in that. … (Millennials) want someone that sees us as individuals rather than as a stereotypically corporate worker.''

The USA Today article, “For Millennials goal is financial freedom,” says that when it comes to mapping out financial futures, some financial planners are finding that Millennials prefer to work with those who understand their generation. This is a group that’s probably going to have several jobs in their lifetime and is used to being able to get answers with the click of a button.

Many Millennials also may have a ton of student debt and may have had trouble finding a job which means that the financial strategies that worked for their Baby Boomer or Gen X parents might not fit their circumstances.

The article quotes one financial planning firm that targets Millennials. That firm noted that traditionally financial firms have emphasized the management of assets; however, the average Millennial doesn’t have much in terms of assets and is just starting his or her career. To appeal to Millennials, this firm bills itself as a "personal trainer''—guiding clients to financial health. For young professionals, these experts say that financial freedom to chart their own course is a higher priority than saving money for retirement. Likewise, the article explains that purchasing a home is also not always a top priority to younger adults who may prefer urban living, or need to relocate to chase their professional goals. Even with these less concrete plans, having a strategy for the future and a way to finance the dreams and ambitions of a Millennial are critical. 

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.  Why not call us for a complimentary consultation at 757-259-0707.  

Reference: USA Today (April 11, 2015) “For Millennials goal is financial freedom”

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.