Financial advisors work hard to manage their clients’ money, and in most cases, these individuals are older – they’ve worked hard over the course of decades to accumulate enough funds that need organization and structure.
So why are young adults suddenly the talk of the town?
The Fiscal Times recently reported that wealth management firms have taken a particular interest in their clients’ kids because of one thing: potential. Think of a child as a small sprout, growing strong out of the ground. One day, this plant will bloom into a beautiful flower, and the financial advisor who is willing to nurture it along the way will yield its benefits.
Sing to your plants
While it’s true that most young adults don’t have enough assets to warrant professional financial management, this can change with time. Think about the number of people who eventually come to inherit large sums of money, or college graduates who suddenly land jobs with hefty salaries.
“I think young people do want to be taken seriously,” Eleanor Blayney, consumer advocate of the CFP Board trade group for financial planners, told the Times. “They don’t demand a lot time, and it will ultimately will come to pay off. Any advisor who is looking at the future will want to think about how to engage them.”
Want to get in on this financial services trend? Start now by offering counseling to your clients’ children. While not everyone may want to take advantage of the opportunity, you’re bound to garner attention for your willingness to assist the little ones.
Clients who choose to use these services will help you establish connections with their children. While there’s no guarantee that every person is going to come back to you in the future for financial assistance, you’re tapping into the potential.
Water those plants. Give them plenty of sunlight. Watch them grow.
