Savvy financial planners are always interested in catching the next generation of investors to replace older clients, but serving todays young adults presents a special challenge. Many members of Generation Y entered adulthood at the time of the worst recession since the Great Depression. Many of these young adults also graduated from college with an unprecedented amount of student debt and have faced a punishing job market.
Generation Y has basically come of age when it was not a guarantee that their experience would be better than their parents, says Elliot Weissbluth, CEO of Chicago-based HighTower Advisors. Theres a harsh reality they face that even though they followed the playbook, theyre not assured a good job and success.
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