Are you investing for the life you want?


By Carter Hall, wealth adviser, Nachman Norwood and Parrott

Millennials typically get a bad rap. We are known as the generation that spends more than it saves, overindulges in frivolous luxuries like avocado toast, and treats jobs like pairs of shoes, exchanging them on a whim. But recent studies have begun to prove these stereotypes wrong.

Bank of America recently published its 2018 Better Money Habits Millennial Report and found that of the millenials surveyed, 63 percent are saving money responsibly, and 57 percent say they have savings goals, compared with 42 percent of Gen Xers and baby boomers. Nearly half have $15,000 or more in savings.

Clearly, millennials are growing up. We have heeded the advice to save “early and often.” But in today’s world, simply opening a savings account, 401(k), or IRA will not be enough to adequately prepare you for retirement or a rainy day scenario. This is where a wealth manager can be your hero. You may not think you have “enough” investments to bring in outside help. The truth is, it’s not just about what you have; it’s about where you are going.

Create a Plan: “Adulting” carries with it a lot of responsibilities and complicated tasks. Insurance? Homeownership? Taxes? It’s a lot to balance. So, it’s understandable that millennials may just open a 401(k), start a direct deposit, and forget about it. But there are ways to be strategic about savings goals. A wealth manager can be that expert who helps you create a long-term plan. In 2017, Charles Schwab surveyed millennials and found that 34 percent do have a written financial plan, which is more than both Gen Xers and baby boomers. Millennials are open to creating and following a plan, and working with a professional to craft that plan could make it that much stronger.

Keep Your Goals in Mind: We advocate diverse investments for all types of clients, and millennials are no different. A wealth manager can help you understand what options are out there and which ones might be best for your individual needs. Working with a wealth “quarterback” can also help you create a financial plan that supports your lifestyle goals. Planning to be a one-income family? Hoping for early retirement? Want to save for your children’s college education? Each of these goals requires a different approach to your investments and cannot be done on the fly.

It’s Personal: More often than not, investment goals have emotional consequences. This is where technology-based investing tools fall short. While robo-advisers offer that convenience so often sought by millennials, they cannot empathize with a client during a challenging time. Establishing a relationship with a trusted adviser helps when the financial challenge is more emotional in nature.

Navigate the Market: Another extremely positive benefit of working with a wealth management professional is the guidance during volatile market periods. This can be a benefit no matter what generation you belong to, but for millennials in particular, it is reassuring to know someone is watching out for your investments when the market starts moving and is ready to call you when you need to act.

As you build your team of experts in tax, insurance, and real estate, you should engage a wealth management professional to quarterback this team and to help you plan for the future. We are a team of experienced professionals who can help you navigate through this aspect of “adulting” and help secure your financial future.

If you would like to connect with Carter, you can reach him at [email protected] 


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