For Millennials, a Fresh Sdvisor

Older millennials—the generation born between 1983 and 2000—might struggle to find an advisor who genuinely understands their needs. That’s not surprising considering just 22 percent of financial advisors are under the age of 39, according to a 2016 Ernst & Young industry report.

Those numbers are unlikely to improve in the short-term. The EY report notes that for every financial planning college student who graduates, two advisors become eligible for Social Security.

Eric Lai knows that millennials can face difficulties finding the right advisor, and his firm Archvest Wealth Advisors, Inc., provides guidance to these younger investors that they can understand.

“The average age of the principals here are in their 30s, that’s a distinct difference… In an industry that is old and getting older,” said Eric, a CERTIFIED FINANCIAL PLANNER™ practitioner (CFP) and Archvest Wealth Advisor, Inc.’s chief executive officer. “Most advisors are working with clients plus-or-minus five years of their own age.”

Archvest Wealth Advisors, Inc., a California-based wealth management firm, provides estate, investment, insurance, and tax planning services. The firm does require a minimum fee to invest, but serves clients of any age or background, even though their specialty is younger investors.

Archvest Wealth Advisors, Inc., takes a flexible, personalized approach to building financial plans. Eric agrees that the investing paradigm has shifted away from chasing “alpha” and toward a more personalized approach, especially now that the market has diversified with so many options.

“This talk of alpha … Is really kind of a thing of the past,” Eric said. “In our opinion, that is not a comprehensive way to do financial planning because if you have this alpha type of approach, you are, of course, subject to market swings.”

Providing clients with a personalized strategy also requires that advisors strip the industry jargon from their vocabularies and offer common-sense, simple explanations.

Eric added that the firm’s young advisors also can provide clients with a different approach to investing, one tailored to the new generation of investors’ needs. He said, “It’s always harder to explain things simply.”

“We are bringing a fresh perspective into the financial planning field, that we can relate to the same issues our clients are facing today,” he said.

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