The Next Generation

Posted on March 28, 2012. Filed under: For Individuals | Tags: , , , , , , , , |

According to Scottrade’s sixth annual American retirement study 51% of survey respondents reported starting their retirement savings in the age range of 25-34 compared with 39% last year. So what does this mean, well a few things. Number one younger American workers are realizing that it is time in the market, not timing the market. Number  two, given all of the noise around social security and its issues, younger workers are taking notice and making the choices now to insure they have the resources in place for a proper future.

The real question is how these Gen Xers will make the proper choices in their retirement plans to optimize their investment earning capabilities. We feel there is going to be a huge paradigm shift in the way this group and all future groups view and use their 401k plans. A lot of the clients we run across do not care about all of the fancy metrics or industry jargon used to impress, they just want to know what they need to buy now and what kind of outcome they can expect in the future. They also want to know that the advice is completely independent, objective and pertains to their specific goals not broad based general guidelines.

The things we have to remember as professionals and especially the “wealth managers” is that in the very near future these Gen Xers who have 10k in their 401k will be ones with sizeable assets that most advisors will be chasing, so I ask you what can you do to insure they view you as a trusted resource now and in the future, perhaps get them the advice they need now in their DC plan?

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