Some planners, especially those with established practices, may not think it's worth it to cultivate Generation Y clients because they are young. But, a new white paper suggests, that the ramp-up years may be the perfect time to build a new Gen Y clientele.
"The statistics speak for themselves," the paper's authors write. "Many Gen Yers are now entering their 30s, the life-stage when investing usually begins (i.e., 3.7 million Americans are turning 30 in 2012 alone). They're starting their so-called 'wealth accumulation phase,' when income rises faster, outliers - such as entrepreneurs - can generate substantial wealth ."
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