From the Team at NNP: COVID-19 and Our Commitment to You >

As a millennial, you’re probably used to rumors about your generation being pampered, frivolous spenders who can’t function without technology. And while it may be true that you’ve had a cell phone for the majority of your life, the evidence is there: your generation has made huge strides when it comes to personal finance.

Bank of America’s 2020 Better Money Habits Millennial Report once again found that millennials are prioritizing their finances, with one in four reporting they have at least $100,000 in savings – a 16 percent increase from the 2018 study. But despite the upwards trend, many millennials are still uncomfortable with the amount of debt they hold and their ability to reach their long-term financial goals.

While saving is a fantastic financial strategy, it is simply not enough to sustain through life’s changes. Some millennials hold off on investing because of a lack of understanding and others because of fear of losing money. If you are hesitant, a wealth manager might be the solution you need to start investing in the life you want.

Wealth managers build relationships with you
Millennials are all about streamlining processes and finding the simplest, most time-efficient method of getting things done, but that might not be the best choice when it comes to your finances. Digital banking tools might be just as good as visiting a bank branch, but when it comes to investing, you’d benefit from a person that truly knows you. Robo-advisors are convenient, but wealth management professionals work to understand you and your situation to create solutions that help you navigate the complexities of personal finance. They are also able to help you plan for unexpected financial challenges and guide you through some of life’s biggest decisions – like starting a business or buying a vacation home.

Wealth managers work to understand your goals
Savings are one piece of the financial puzzle, but have you thought about where and how you’d like to spend retirement, or what legacy you’d like to leave for your children? Wealth managers are adept at creating long-term financial plans and can work with you to craft a plan that fits your unique goals. Whether you want to help pay for your grandchildren’s education or join the FIRE Movement, a wealth manager can help you identify the best ways to turn these dreams into a reality.

Wealth managers are prepared to help you weather the storm
It’s easy to set money to the side and forget about it, but when things get rocky, you should feel confident that someone is still working in your best interest. This is where a wealth manager can shine. Sure, as a millennial, you’re thought to have time on your side, but there are specific strategies wealth managers can use to help protect your money from factors outside of your control. They will also be there should market volatility begin to take an emotional and mental toll on you, reminding you to stay the course and helping you navigate any decisions that could potentially affect your long-term financial goals.

“Adulting” might mean working a minimum of 40 hours a week, but it also means putting measures in place to lead the life you desire. As you work hard to secure your financial future, be sure to engage a qualified wealth manager who can serve as a trusted source of information.

Learn more about our team and the ways in which we can work together to achieve your financial goals.

Download our Newsletter

Check out our latest newsletter for industry trends, helpful articles and updates from the team at Nachman Norwood & Parrott.