Why Young People Still Need Financial Professionals

Brian Sweeney |

It’s that time again - the end of a fiscal year and that means tax season is just around the corner. With each passing filing it seems as though young professionals are turning their backs on financial professionals such as accountants, investors, and advisors, and turning to the technological solutions. But the friendly neighborhood accountant shouldn’t hang up their calculator just yet - young people still need financial professionals.

It’s more of a partnership than a service.

Financial professionals aren’t in danger of becoming extinct. But they could face trouble acquiring new clients if they don’t pivot their offering strategies. Young people are looking for a partnership rather than simply a service. According to a recent article from USA Today, millennials more than ever are looking for Financial Professionals who understand the unique challenges facing their generation.1 “To appeal to Millennials, Financial professional Roberge bills himself as a "personal trainer'' guiding clients to financial health, and money as a tool to live a life fueled by enjoyment and passion. ‘Millennials are not interested in the old brick and mortar office with the guy in the suit,' he says, adding that if his introduction to a prospective client starts with the title personal finance planner, ‘Their eyes glaze over. They already have their idea about what I do, and they don't want any part of it. When I lead with 'I help professionals in their 20s and 30s use money as a tool to live a life they love,' they open up.2’”

So where are young people getting their financial advice?

The obvious answer may be the internet, but I think we have to give young people more credit than that. The internet is a starting off point. It has broken down the complicated world of finance, allowing for financial education to be available at your fingertips. “Unfortunately, financial literacy is rarely taught in schools. Young people must take the initiative to educate themselves about topics such as budgeting and living within one's means, paying bills on time, managing credit and debt, making regular contributions to savings, tackling student loans, and planning for retirement,” according to Investopedia3.

Financial education ultimately prompts young people to seek advice tailored to their financial needs. It also gives a sense of comfort when seeking advice because the baseline information is available.


1. https://www.usatoday.com/story/money/personalfinance/2015/04/11/millennials-want-a-different-kind-of-financial-planner/70832092/

2. https://www.usatoday.com/story/money/personalfinance/2015/04/11/millennials-want-a-different-kind-of-financial-planner/70832092/

3. http://www.investopedia.com/financial-edge/0712/the-biggest-financial-hurdles-young-people-face.aspx


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