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What the Millennial Generation Will Expect From Their Advisors
In my study of financial gerontology I became acquainted with the social science term "cohort," which refers to a group of subjects with a common defining characteristic, typically age. We have all heard about the Silent Generation, the Baby Boomers, Gen X, Generation Jones and the Sandwich Generation. Inevitably, a new generation is now taking shape: Generation Y, otherwise known as The Millennials.
The Millenials are the children of the boomers and were born between 1977 and 1998. Making up approximately 29% of the U.S. population, they are also known as the "digital natives" because they have grown up with instant communication technologies such as laptops, cell phones, MP3 players and all the other electronic devices that define modern life. They look to the Internet for answers to their questions, particularly on Google, and are avid users of Facebook and YouTube. Being "in touch and on line" is central to this group’s identity.
In reviewing materials for this blog posting I uncovered some interesting characteristics about this latest demographic cluster. They are a truly a "hands on" bunch. Millenials prefer face-to-face meetings with their advisors and place a high degree of importance on trustworthiness and honesty. They will seek advice from parents and peers when searching for a doctor, lawyer or accountant. As a group, they put a greater premium on professional feedback and personal "word-of-mouth" referrals.
Millenials are considered optimistic but also realistic. They believe that U.S. political institutions will deal effectively with the long-term issues facing the nation and broadly favor stronger government. They are more concerned with the public interest, less cynical, more multicultural, inclined to volunteerism and look to find solutions to all sorts of societal problems based on consensus. Over the next several decades this generation will inherit the wealth of the boomers, which some estimates place at as much as $40 trillion.
Our hope for the future is in the hands of the Millenials, and they are emerging as an interesting, resilient and determined bunch. Stay tuned.
About the Author
Rosanne Rogé, R.W. Roge & Co.
Rosanne joined R.W. Rogé & Company, Inc. in January 1995. A CFP, CSA and RFGSM, she is a graduate of C.W. Post - Long Island University's Certificate Program in Financial Planning and the College for Financial Planning Para-Planner Program.
Ms. Rogé is certified by The Certified Financial Planner Board of Standards to use the professional certifications CFP and Certified Financial Planner. She is also a Certified Senior Advisor (CSA); the Society of Certified Senior Advisors is dedicated to providing continuing education that addresses new developments and research concerning seniors. The Society is also committed to promoting the recognition of Certified Senior Advisors as knowledgeable professionals serving seniors.
Ms. Rogé also holds the title of Registered Financial Gerontologist (RFGSM), which she earned "With Distinction" Honors after successfully completing the Comprehensive Examination for the Registered Financial Gerontologist, given by The American Institute of Financial Gerontology (AIFG), in Philadelphia, Pennsylvania.
Ms. Rogé is a Financial Services affiliate of The National Association of Personal Financial Advisors (NAPFA), the national organization of fee-only planners. Ms. Rogé was elected as an Associate Trustee and a member of the Stewardship Committee of the Jefferson's Ferry Foundation. Jefferson's Ferry is an outstanding life care retirement community on Long Island. Also, Ms. Rogé is a member of the Financial Planning Association (FPA). She previously worked at Cigna Individual Financial Services where for four years she prepared financial plans and analytical projections for Clients. She earned both a Bachelor of Arts (Cum Laude) in Human Relations/Psychology and Associate in Applied Science degrees from Pace University.
In May 2010, Wealth Manager Magazine again named Rosanne Rogé as one of the 50 most influential women in wealth management. Ms. Rogé has held several securities licenses (NASD Series 6, 7 and 63) and is a New York State Life, Accident and Health Insurance licensee. She chairs the Client Services Committee of R. W. Roge & Co. and serves on the Investment Management Committee.
In May 2008, Investment Advisor magazine named Rosanne Rogé as one of the "25 Most Influential People in and around the Financial Services Profession." Her advice is frequently sought after by the press and media. She has been quoted in The Wall Street Journal, Bloomberg Personal Finance Magazine, Investment Advisor Magazine, Fortune Magazine, Newsday and USA Today.
Rosanne is also co-author to the newly released book, The Banker and the Fisherman: Lessons in Life, Happiness and Wealth for the 21st Century.
Rosanne is a native New Yorker and has a passion for dogs, flowers, nature and sailing.
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