Retirement Planning

Generation Gap? What Generation Gap?


The endless stream of articles unappealing to millennials – could it be all wrong?

Articles about appealing to up-and-coming millennial investors often seem peppered with buzzwords like corporate social responsibility, fossil fuel divestment, and sustainability. According to the media narrative, millennials are a new breed of investor, kinder and gentler, more interested in impact than income.
But does that narrative hold weight? Are the millennials looking to save the world and make money at the same time?

“Maybe or Maybe not.”

“They want to grow their money,” said Gary Webb (RFC®, CKA®), the CEO of Webb Financial Group. “I’m not hearing this stuff anymore than it was talked about in the past.”
Webb Financial Group provides investment, estate, retirement, and financial planning, in addition to other services such as business plans. The Bloomington, Minnesota, firm has a $250,000 minimum to invest. Webb also has a flat fee arrangement for financial planning services.

Webb continues to build relationships with millennials often, working with several clients in the 21-25 age range. He said he “cannot” make general statements about the entire millennial generation, but his experience so far points to a new generation remarkably like the old one. And that’s okay, because Webb has advised traditional and socially responsible investors across generations—even “Biblically responsible” ones, he told The Suit Magazine—and can put together comprehensive solutions for clients targeted to their individual goals, whether those involve meaning, money, or something in between.

Mwebbillennials might approach investing much the same as baby boomers or Generation X, but their communication style can throw advisors for a loop. Millennial communication often is via text or email, and in-person meetings are rare. That dynamic makes for a different client-advisor relationship, but one that is not necessarily more difficult, Webb said.

Also, working with younger investors presents a uncommon opportunity to prevent bad habits and build long-term financial savvy in clients, he said.

“I have a heart for helping young people,” Webb said, adding that many wealth managers skip millennial prospects because the profit potential is lower. “It’s easier to help a 21-year-old … Form a solid foundation and build from there, than it is to change the habits of a 55-year-old.”

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