Financial Planning for a New Generation

The Art of Advising Millennials.

If the 2008 crash has done anything, it has changed the way a new generation of investors views financial planning. Those who are now young adults grew up seeing the devastation wreaked upon their parents as a result of over-aggressive lending and investing practices.

Now, when it comes to managing their own accumulation of wealth, advisors like Justin Castelli, founder of RL Wealth Management, LLC, recognizes that millennials are changing the rules. They have different expectations of the client-advisor relationship, and they want to be informed and involved at every step.

“They want advice – not to be sold,” Castelli said, adding that many millennials use the term fiduciary in their initial contact. “It’s encouraging that people are now becoming aware of the fees and commissions they are paying, and getting advice that is not biased,” he explained.

As a fiduciary with strong beliefs about protecting the interests of the client, Castelli supports the new regulations, but has concerns about how regulators will determine what qualifies as being in the best interest of a client. “Product cost is not always the best indicator,” he noted.

Castelli continually assesses the cost-benefit equation for all aspects of his clients’ portfolios, including uncovering hidden 401(k) plan fees and making decisions about long term care insurance. The latter, he added, is “not really a good solution for the majority of the public because it’s so expensive.”

To circumvent expensive long term care costs, he tries to help find alternative solutions that may include revisiting the way people view retirement. “Retirement today is much different than what it was for our grandparents. It’s sometimes going to include a little part-time work, but doing something you enjoy.”

CastelliSuitCastelli explained how the benefits of continuing to work part-time in an enjoyable field go far beyond reducing the strain on stretching retirement income to last several decades.

“It’s good from a physical, mental and emotional standpoint to stay engaged,” he said. “The people who stay engaged and stay active do much better health-wise and are happier than those who aren’t doing anything.” This both increases the quality of life during retirement and helps prevent many long term care costs.

Castelli also sees an underlying shift in planning that is happening alongside the new technology millennials are so adept at using. “It’s not about competing with financial technology. It’s about embracing it and using it to help educate clients,” Castelli said, adding that most people – even millennials – still benefit from the human side of having an expert to advise and guide them during the market's ups and inevitable downs.

Castelli, excited about the success and growth of his one-year-old firm, strives to provide a variety of plan structures and tools to anyone seeking to develop a financial plan for sustainable growth and peace-of-mind retirement.

For more information, see

Follow Us

Subscribe to Our Newsletter

What's Next, Updates & Editorial Picks In Your Inbox

Related Articles

© 2017-2021 Advisors Magazine. All Rights Reserved.Design & Development by The Web Empire