Emerging Professional
The Emerging Professional sometimes referred to as a millennial or Gen Y, The Emerging Professional can be a college graduate, mid-20s to mid-30s in age. She is likely working in a professional setting – law, medicine, accounting, engineering etc. The Emerging Professional often has some type of professional license or designation that is required in her field. The Emerging Professional enjoys a high income and may be considering a major career event – moving to a new firm or perhaps starting a business.
Some of the planning issues facing The Emerging Professional are debt reduction, family formation, solidifying investment strategy, saving for children’s education, making a housing change, Roth or non-Roth IRA/401(k) retirement saving, risk management decisions, maximizing employee benefits.
The Emerging Professional is comfortable with investments perhaps even using an algorithm based service (robo-advisor) although having a personal relationship with a live advisor may be reassuring. Paying directly for financial advice makes sense. Paying fees monthly like a gym membership, Internet or Cell service is preferable. The Emerging Professional is sensitive to fees, although not fee-averse, she recognizes there must be value in exchange for fees.
Emerging Professionals are looking for an advisory relationship that puts their interests ahead of the advisor so a written Fiduciary agreement is crucial. Complex, costly financial product offered by company sales staff is a non-starter.
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Thomas J Duffy, CFP®, MBA is a NAPFA registered fee-only financial advisor. The National Association of Personal Financial Advisors (NAPFA) is the country’s leading professional association of Fee-Only financial advisors—highly trained professionals who are committed to working in the best interests of those they serve. Since 1983, Americans across the country have looked to NAPFA for access to financial professionals who meet the highest membership standards for professional competency, client-focused financial planning, and Fee-Only compensation.