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3 things Gen Y and Z should consider when choosing and advisor

Updated: Jan 17, 2022

As of 2019, the average financial advisor was 55 years old according to a J.D. Power study... As someone who is on the border between Gen Y and Gen Z (26 years old), I know how often someone 30 years older than us cannot relate. We have had unique trials: student loan debt, fierce competition for entry level jobs, and a wild real estate market. But we have also had unique opportunities and a shift in mindset that is better suited for adventure and an original path through life.

This blog post serves to be thought provoking, and I hope this helps you decide what type of advisor you would want to work with. Here are three questions to ask yourself:

1.) Does your advisor support you getting into new stuff?

Blockchain technology will most likely change everything. What is everything? I do not even know yet. With the creation of cryptocurrency, NFTs and the Metaverse we might see a virtual world of real estate, property, businesses and markets to be a part of. Make sure your advisor knows a little about this or is at least supportive to the idea of some exposure. Imagine being someone from the 1990s that did not have any exposure to the internet, because they thought that it was just a fad... when businesses are investing billions into something you should take note!


2.) Does your advisor understand your want/need to LIVE while you are young?

I'm sure you've heard it before: "If you didn't buy Starbucks everyday you could pay off your student loans." Is getting Starbucks every single day excessive? Maybe. Does it matter if it is something really important to your day? Not at all. You should spend on things that bring you happiness, and save on things that don't. Find and advisor that believes in enjoying life both now and later, and think that you should balance spending today and tomorrow in your financial plan. Otherwise, every meeting will be about how you could be more frugal.


3.) Does your advisor use technology?

There are more than enough resources to allow for you to be a wealth management client without ever meeting your advisor in person. Why should you be limited to advisors in your area if you aren't vibing with them and why should you have to come in the office to sign a bunch of papers if you don't want to? Find an advisor that has integrated technology into their practice to create a seamless experience for their clients.


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