Catering to Millennials

With 70 million members, millennials are the largest cohort of the U.S. population. Dubbed “H.EN.R.Y.’s”, or “High Earners Not Rich Yet”, they face greater economic uncertainty than any other generation before them. Millennials consist of highly educated 18-34 year olds, many having sizable student debt to pay off. Wealthy millennials tend to have more anxiety about their wealth than previous generations. Due to negative market events that occurred close together during their lifetimes, they tend to be risk averse, with an average allocation of 52% of assets in cash, and only 28% in equity, but will this strategy allow them to reach their goals?

When it comes to financial advising, millennials have a unique set of wants and needs. They place high value on simplicity and transparency when working with a financial advisor. They expect to be able to communicate with their advisor about more complex issues, while also having access to innovative, easy-to-use technology platforms. Younger investors want their finances to be as simplified and consolidated as ever and are looking for a “one stop shop” for all of their financial needs. Technology such as mobile applications, remote check deposit, budgeting tools, and consolidated views are all examples of how this younger generation wants to streamline their financial life. The most common concern for millennials is planning for retirement. They want to invest passively, which involves limited ongoing buying and selling actions equating to a lower-maintenance, more tax-efficient investment plan.

At Avalan we provide the peace of mind of speaking to a professional, as well as the simplicity and convenience of technology platforms. We tailor our services to fit each individual client’s needs. It’s not an all or nothing solution, rather it is important to find the right balance between the ease of a robo-advisor, and a more dynamic and comprehensive approach. We are able to provide an alternative to active investing, using a more efficient and institutional strategy. The transparency that comes along with being a fee-based advising firm ensures that the advice given is completely untainted, eliminates conflict, and creates further simplicity in the advising process. As millennials are still young, their lives and financial situations will be changing, and we are able to adapt our approach and services as their needs change. 73% of millennials expect to work past the age of 65, and many acknowledge that social security may not be there for them in retirement. Using financial planning technology platforms, we are able to plan for the future by looking at many different “what-if” scenarios.

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We also utilize online tools such as Riskalyze to evaluate an individual’s risk tolerance so that the proper actions can be taken within a client’s tolerance level while still putting their assets to use.

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Our Client Portal gives our clients the ability to check their portfolio anytime they want, as well as view market commentary and quarterly reports. Our goal is to make your experience as simple and transparent as possible, and our Client Portal does just that.

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Millennials are unique to any generation before them and have distinct needs and concerns when it comes to their finances. As the crunch for time increases, millennials expect simplicity, transparency, and incorporation of innovative technology to further streamline their life. At Avalan we provide this convenience along with the peace of mind that comes with building a relationship with a financial advisor.