Rachel Louise Ensign

speaker

574 appearances 12 recordings 1 series first heard Jan 2018 last heard Jan 2024

Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Young Investors to Financial Planners: Thanks, But No Thanks · 9 Nov 2021 podcast

And that is a very real thing.

So it's a little bit of a dilemma for these firms because the boomer generation and older are incredible clients.

They have enormous sums of money, more than prior generations had at their age, a lot more.

But at the same time, they have to look forward and think about in 20 years, who will our customers be?

And the answer is that it's

it's probably going to be younger people or they need it to be younger people to keep up this performance.

So the big wealth management firms are doing a variety of things to attempt to cater to younger people, basically.

Yeah, so that's part of the issue and part of why a lot of young people aren't interested in the traditional financial planners is that the services offered haven't changed all that much.

I mean, the typical financial advisor relationship is pretty much stayed the same.

You know, you give someone control of a big chunk of your money, maybe all of your money.

You pay them an annual fee on that.

And in general, they're going to mostly be putting it into stocks and bonds.

So younger people, they are much more interested in alternative assets, crypto, real estate, things that aren't just the stock market.

And also quite aware of just the fact that you can invest in the stock market on your own without paying some of the fees.

So what's really the value there?

Studies have shown that young investors have a pretty high appetite for risk right now and, you know, much higher than, say, in 2010, which is right after the financial crisis, which was just such a jarring event financially for everyone.

So there's like this whole culture, you know, in GameStop and Robinhood of YOLO investing, you know, you hold on to it and you never sell even if it goes really far down.

And just the idea, you know, one of the guys that we talked to in the story was saying like, hey, look, I'm 26.

I'm not interested in market type returns where I make a little bit of money every year, but I probably won't lose too much.

He's like, I want to double, triple my money if I can.

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