4 Professional Financial Services Millennials Should Consider

financial decisions

Millennials have reached the stage in life when major financial decisions are coming into play. Whether that means saving for a house, starting a family, making a career transition, or investing in retirement, these milestones require an intentional money management plan.

According to a survey from Investopedia, most Americans in this age bracket feel confident in their financial literacy but feel stressed about the economy’s impact on their financial future. If this describes your current outlook, it may be time to put intentional effort into your financial decisions and future. There’s no one-size-fits-all advice that works when it comes to money, but there are a few professional financial services millennials should consider:

Create a Retirement Account

Over 70 percent of Millennials are pessimistic about achieving financial security in retirement, reports GOBankingRates. This makes sense given the unstable economic climate, the record level of inflation and possible recession forecasts on the horizon. As such, it’s wise to save for retirement now. Talk to a financial advisor about whether a Roth IRA or 401(k) account will better meet your needs, then allocate 10–15 percent of your income for retirement each month.

Look into a 529 College Fund

If you’re a parent (or want to become one), it’s never too early to plan for your children’s future college education. That’s where a 529 college fund can help. This investment account makes saving in regular monthly increments easy, just as you would for retirement.

A 529 fund also offers tax incentives. You can use it for qualified college expenses such as tuition and fees, meal plans, textbooks, housing, school supplies or student loan repayments. With the costs of higher education on the rise, this is definitely an option worth exploring.

Build an Investment Portfolio

As of 2022, Millennials held only about 2 percent of American stock and mutual fund shares, according to Bankrate. However, creating an investment portfolio is an appealing move if you want to potentially increase capital and net worth.

A financial advisor can help you determine where and how to invest, diversify assets and manage your risk for a portfolio that seeks to weather fluctuations in the market. It can be daunting to start this investment process, but it can be a helpful way to build wealth potential over time.

Don’t Wait on Estate Planning

Almost 60 percent of Millennials have an estate plan, but if you’re still on the fence about this professional financial service, rest assured: it’s essential—even in the prime of life. Mortality is unpredictable, and you never know what might happen from one day to the next. An estate plan will help determine which beneficiaries should receive your assets after death. This usually includes a living will or trust, a life insurance policy, a power of attorney designation, or other end-of-life requests, all of which a financial advisor can support.

Gain Financial Confidence with these Professional Financial Services

This Millennial generation has some ambitious financial decisions ahead, and now is the time to start turning those dreams into concrete plans. If you’re a Millennial who wants to take money management to the next level and learn more about these professional financial services, connect with the professionals at Concord Investment Advisors.

In addition, if you are a financial advisor who wants to better serve Millennial clients, download Concorde’s free e-book with valuable insights on how to equip your clients with the resources they need to help be financially confident in a volatile economic climate. With a growing generation of new investors ready to secure their financial future, advisors should be prepared to handle the hard conversations and provide guidance. You’re not just a financial advisor, you’re their partner!

Because investor situations and objectives vary this information is not intended to indicate that an investment is appropriate for or is being recommended to any individual investor.  

This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance.

Potential returns are not guaranteed and may be lower than anticipated. Past performance is not a guarantee of future results.

Diversification does not guarantee a profit or protect against a loss in a declining market. It is a method used to help manage investment risk.

There are retirement account risks that could diminish investor returns, such as, but not limited to: low interest rates, market volatility, withdrawal timing and sequence of returns risk, government policy uncertainty and increased longevity. Prospective investors should perform their own due diligence carefully and review the “Risk Factors” section of any prospectus, private placement memorandum or offering circular before considering any investment.

Before buying a 529 plan, you should inquire about the particular plan and its fees and expenses. You should also consider that certain states offer tax benefits and fee savings to in-state residents. Whether a state tax deduction and/or application fee savings are available depends on your state of residence. For tax advice, consult your tax professional.  Non-qualifying distribution earnings are taxable and subject to a 10% tax penalty.

Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC (CAM), an SEC registered investment adviser. Insurance products offered through Concorde Insurance Agency, Inc. (CIA).