The following is an edited transcript of the InvestmentNews webcast, “How to work with Millennials and the next generation of investors,” held Sept. 24. It was moderated by deputy editor Greg Crawford.
InvestmentNews: I'm very excited to have this discussion. We've got three folks who are financial planners working with the Millennial generation, so they know what they're talking about. What they have to say is extremely valuable.
We're also joined by Kate Holmes, also a CFP. She's the founder of Belmore Financial, a location-independent practice, which we'll have to talk to her about.
Kate works with professionals in their 20s to 40s who are ready to challenge the status quo and go after their happiest life.
Kate, what do you see as some of the things that distinguish Millennials from other generations?
Ms. Holmes: We've all observed in the media almost an attack on Millennials — about how so many of them are entitled and want everything without working hard for it.
But that misses the point. Many of us see what has happened to boomers. They've worked for decades, then had the Great Recession and got stuck on the fence between pensions and savings and 401(k) plans. It hasn't worked out that well for a lot of them.
Now that we have technology, the world is smaller and things are so much more accessible. Younger people are saying, “Hey, we don't have to work for 40 years and wait to enjoy our life.”
Traveling is easy. Many businesses, like mine, are location-independent.
Younger people have the attitude that they don't necessarily have to be loyal to a company for decades because — as we saw in the Great Recession — companies aren't necessarily loyal to employees. Millennials have a lot more options, and many more people are taking advantage of them.
Read the full transcript here.