HOW TO FIND A FINANCIAL PLANNER FOR MILLENNIALS?

You’re earning more than you ever have, your income tax bill is growing,  and so is the amount of money leftover at the end of each month. How can you find someone to help you clarify what’s important to you, make your money work harder and hold you accountable to your financial plans?

Finding a financial planner that specializes in working with millennials is a challenge. Most financial adviser businesses are built on the ‘grey pound’ and their service reflects that. Uninviting, jargon laden and, well … grey.

You’ve got energy to bring, you’re here to learn and you need a partner to help you on your journey to financial security and freedom. How can you find a suitable financial planner for your needs? We think a good financial planner for millennials will

Use technology well

Financial planning technology solutions are okay but a little way behind other industries. Think more household utilities apps than UBER and Monzo. There are some great tools financial planners should be using to save you time and provide flexibility.

  • Book meetings online. You don’t have time for the endless back and forth to book a meeting. A financial planner set up for millennials should allow you to see their calendar and book it yourself? Video meetings are nearly all financial planners offer video meetings and when you’re short of time to travel they are essential. Your financial planner should have a proper microphone and webcam to communicate clearly, not looking up their nostrils on a tinny laptop
  • Share information securely online. While some traditional financial services companies are still demanding paper (like the dark ages), an independent financial planner working with millennials will find providers that work online and accept online signatures. They should also have a portal for you to securely share information with them in your own time.
  • Cashflow projections. Using a tool to forecast your financial future can be useful to establish your financial trajectory and see if your goals are realistic. We know the projections will be wrong but they are a best guess at your future.

Understand your challenges

  • Experienced working with millennials. Ask your financial planner what proportion of their clients are under 45. Planners who have more clients in your situation should deliver better advice.
  • Talk your language. ‘We struggled to get onto the property ladder and don’t understand how we should save for when we stop work.’ Find a financial planner who can relate to you and tell you what you need to do clearly. You are more likely to take action faster.

Have the basics

  • Well qualified. I recommend you work with a financial planner who is chartered or certified financial planner as this shows a commitment to gaining knowledge and minimum 5 years’ experience.
  • Listens to you. You should always feel heard by a financial planner. Initially, you should be doing 75%+ of the talking and your financial planner should be listening to understand your needs and objectives.
  • An independent financial planner can research the whole of the market to find the best solutions for you. If you go with restricted financial advice, how do you know you are getting the best deal?

It might come as no surprise to you that MUVADO ticks all these boxes and more. We are built for millennials and anyone else who values these key points.

If you’re a millennial and looking for a financial partner to guide you on your journey to financial security and freedom, please book a call or email gregory@muvado.co.uk.