Never Too Early to Start
While most retirement planning is geared toward middle-aged investors, advisors should also remember that the younger generations can use help too. In our current issue, we have a number of stories on retirement planning. One is written by Karen Wimbish, director of Retail Retirement at Wells Fargo, and she focuses on the needs of this younger generation and how advisors can help.

Here we present a few highlights, but if you want to read the original article, click here.

Help Your Current Clients' Children
One thing advisors can do is develop relationships with existing clients' children by offering guidance on 401(k) choices or (if they have extra money) opening a basic IRA or brokerage account. This generation switches jobs so they may also potentially need advice on rollovers.
Make Sure They're in Their 401(k) Plan
Younger clients should be sure to take advantage of their 401(k) plan, if they have one, and contribute the maximum. If they do not have one, they can consider opening a contributory IRA. A Roth can be a good option if the idea of locking up money until retirement seems overwhelming, as the Roth offers other withdrawal options (home purchase, for example).
Explain How Compounding Works
Begin saving as they pay down debt. Set up automatic deposits into their savings account so it builds on a regular basis. They should also invest a small amount in the stock market to illustrate first-hand how compounding helps as they build for the long-term.
Set Goals And Increase Them Over Time
Help them create a retirement roadmap to set clear goals for saving and spending in order to accumulate enough for their future. If they are already in an employer-sponsored retirement plan, they should consider setting annual automatic increases to ensure that this remains a priority over time.
Let Younger Team Members Help
For the advisors who work in teams, utilize the younger members who can relate and draw in the new business from their networking or through relatives/friends. While this generation is viewed as tech-savvy with social media as a preferred method of communicating, they also want face-to-face interactions when initially establishing a new account or relationship. And many value experience in a financial advisor.