How to Smash the Competition Using Advice-Only Planning

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

The advisors who figure out how to work with Generation Z will take your wealthy Baby Boomer clients away. Stop rolling your eyes and listen to why.

Radical questions

Here are a few radical questions that hit on some problems in society. As you think about these, take your advisor hat off for a minute. Just take a holiday (take some time to celebrate).

1. Why do people wait until they have “a lot of money” to care about what happens to it?

In grade school, I used to go to gym and health classes because the government figured out that its citizens cost less and pay higher taxes when they are healthy and working. Financial literacy should start in first grade, but until the recent past it has not been a priority for the government until people start earning serious money, usually in their early 30s. Financial illiteracy cost Americans more than $352 billion in 2021.

This is because Wall Street’s lobbying dictates the behavior of elected officials. The financial services industry doesn’t view it as profitable to do anything besides get young people co-signed on their parents’ credit cards and into credit card debt or paying overdraft fees.