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How to keep retirement in mind for millennial and Gen Z clients


Inheritance can be a different kettle of fish. Holt-Robinson and Lalehparvar try to encourage these clients first to plan as though the inheritance never comes so they can live self-sufficiently given that these amounts of money are very rarely guaranteed. At the same time, they try to coach them emotionally and financially so that if a large inheritance comes in, it doesn’t come with a host of difficult issues. Often times inheritances can prompt rash purchases that clients come to regret. Other times the weight of all that money, combined with the loss of a loved one, can cause more emotional turmoil than a client anticipated. For Holt-Robinson and Lalehparvar, those moments involve handholding and a frank discussion about how to turn an inheritance into a long-term good.

As other advisors talk to millennial and gen z clients — of the children of their clients — about the prospect of retirement, Lalehparvar and Holt-Robinson believe they should keep education front of mind. Perhaps more importantly, though, they should focus on the client in front of them and hear what goals and priorities they want to achieve.

“If retirement planning is an advisor’s speciality, that’s great and it’s important, but you still need to meet the client where they’re at,” Holt-Robinson says. “If retirement is something that falls sixth on their most important list, or even below that, you have to respect that there’s no way you’re going to sit with somebody for long enough that retirement becomes their be all and end all. It’s a matter of respecting the person and their preferences.

“From there it’s education, showing them what $25 a week can do, ether it’s retirement planning, or saving for a house, or even saving for a vacation, it’s a matter of showing the least amount of change in behaviour to get a good result. Don’t ask them for a $1,000 per month contribution, that’s probably not going to happen if they’ve never saved. Show them what the bare minimum can do for them, and let them decide what those numbers may be.”



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