Friday Q & A – Do you only work with millennials?
Updated: 1 day ago
Question
Do you only work with millennials?
Answer
Based on the business name, there are no prizes for guessing that most of the people I work with are millennials.
The decision to go down this road was both a personal and business decision.
There has and always will be plenty of options for “older” people to get financial advice. Internally, the industry makes no secret that these people have more assets and in turn can charge more to so naturally this is where most of the industry has and will continue to serve.
I don’t agree that a client should be charged more just because they have more assets but that’s a beef for another day.
I was (and still am) always getting asked money questions by friends, so I never doubted there’s a lot of confusion about money for millennials. Most industry software and services are geared towards retirees, so Millennial Independent Advice was set up for people who are still building wealth, and because I enjoy working with people dealing with similar issues to me.
I also spent the first 4 years of my career working mainly with pre and post-retirees and I would often work with clients whose financial situation wasn’t as good as it could have been with little time to improve drastically before retirement and thinking “I wish this client got good financial advice 20 or 30 years ago”. Small changes compounded over a long period can make an enormous difference.
That said, I spent most of my career in financial advice working with pre and post-retirees, so I’m comfortable with the questions that come with that milestone too.
So do you work with people who aren’t millennials?
In short, yes, as long as we’re a good fit and modelling is what you actually need.
Plenty of the people I work with aren’t millennials at all. What they have in common is a big decision and wanting to see the numbers laid out clearly.
My first mentor used to say “I know enough to be dangerous”, and I think one of the most useful things anyone working with money can do is know their limits.
I don’t provide personal product advice, tax returns or aged care advice, so if that’s what you need I’ll tell you up front.
If you’re not a millennial but have a big decision to model, book a free 15-minute call. If I’m not the right fit, I’ll say so.
I cover this in more detail in my video, 10 Years of Financial Advice in 19 Minutes, on the Edvest YouTube channel.
Explore free Australian finance education from Kyle Frost at Edvest.
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About the author: Kyle Frost is the founder of Millennial Independent Advice and Edvest. He previously worked in financial advice and now builds tailored financial models that show the levers, trade-offs and risks in big money decisions. Watch more on Kyle Frost's YouTube channel.
Connect with Kyle Frost: LinkedIn | Instagram (@kylefrostfinance) | YouTube | Edvest
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