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January is Financial Wellness Month, and a recent survey reveals that younger Americans, particularly Gen Z and Millennials, feel more "economically empowered" than older generations. Check out this article to explore some interesting insights about generational confidence related to finances. #FinancialWellness

Michael Kitces calls it a "Sea of Sameness," and I've seen it. On most advisor's websites, the 'What Makes Us Different' section could ironically be labeled 'What Makes Us the Same'—and you wouldn't need to change a word. I imagine advisors browsing competitors' websites, copying and pasting things they think sound good, and listing every possible prospective client category. "Don't forget to say that we work with married couples and single people!" One firm I encountered listed their typical clientele, and it was EVERYONE: Pre-retirees & retirees Individuals in transition Professionals & executives Small-business owners Landowners & agribusinesses Multi-generational families Right?! Who aren't they serving? It is a catch-all approach, targeting virtually everyone. Advisors, it's time to re-evaluate. It's about more than just the demographics you serve. What about your unique ethos, expertise, approach, and the specific value you bring? We need to move beyond generic branding and "copy-paste" strategies. What truly makes your firm stand out? Is it your approach, service model, or specific expertise? How do you cater uniquely to your client's needs in ways others don't? It's about standing out for real reasons – not just what makes us different, but what makes us uniquely valuable. Marketing that you're a fiduciary or offering holistic planning? Great, but so do tens of thousands of others. These are table stakes, not differentiators. What are your specific strengths, and how do they translate into an exceptional client experience? True differentiation is about showcasing your unique story, ethos, and approach. It's about how you connect with clients beyond services. Are you the advisor who crafts a retirement filled with joy and laughter or who helps clients live every day like it's Saturday? This isn't just service; it's about the promise of a lifestyle and creating personal connections. In a world where many services can be commoditized, what remains irreplaceable is the unique human experience you provide. Highlight your journey, your story, and how you create a unique connection with your clients.

The wellness pillar consumer brands are forgetting? Financial Wellness. 43% of Gen Z and 41% of millennials experience money dysmorphia. A third of young people spend more than they can afford on things like vacations or luxury items to keep up with the “digital Joneses.” That number jumps to over half for respondents who spent more than three hours a day on social media. So while BNPL loans drove $75 billion in online spending in 2023, 70% of consumers have financial regrets from 2023 because we spend to cope with stress, spend to celebrate achievement, spend when we feel lonely, and spend more to recognize friendships. (The Harris Poll) 🌍 WHY IT MATTERS Gen Z is in a rough spot financially - and 79% “would like to see brands offer more upskilling, education, and personal finance courses This explicit ask for help is an opportunity for brands to gain trust and engagement from an otherwise difficult to reach audience. Read more: https://lnkd.in/gw9xHnAp

In the realm of financial services, it is widely acknowledged that many financial advisors are approaching retirement age, with a sparse representation from younger demographics. A 2019 J.D. Power study reveals that the average age of financial advisors is 55 years old; moreover, 20% are 65 or older, while only about 10% are under 35, according to Cerulli Associates. Efforts to recruit younger advisors have not yet yielded the desired results. This will pose a larger problem as the advisor profession becomes increasingly gray and there are fewer young people becoming advisors further exasperating the issue. This article does not intend to belabor a well-accepted phenomenon but rather to discuss its implications from the perspectives of your clients, yourself, and your business and some considerations for optimizing outcomes in an exceedingly difficult process. If you enjoy these articles, consider signing yourself up for our newsletter on our website! https://lnkd.in/gNG6XsB5

About six in 10 Americans believe money can buy happiness, according to the survey from financial services firm Empower that is based on online responses from 2,034 Americans based on a week-long period in August. We, at Whitwell & Co., disagree. Money does not buy happiness. And it doesn't buy love -- but it can, as they say, "improve your bargaining position" ha! Let's partner together and help you build true wealth -- and make sure that your definition of wealth includes health and purpose. #whitwelladvisors #wealthmanagement #planahead #taxsmart

Very interesting article, reference at the bottom: "Most millionaires got there by investing in an employer-sponsored 401k plan rather than inheriting money or earning high salaries.Some people assume most wealthy individuals were born with a silver spoon, but the numbers disagree. 79% of the Ramsey Solutions Study’s millionaires said they received zero inheritance from their parents or relatives.In fact, 8 out of 10 millionaires featured in the survey said they made their fortune by investing in their company’s 401k.And 70% of respondents said they didn’t even make six-figure salaries during their careers.Most millionaires don’t serve in leadership positions at companies.The survey busted open even more misconceptions about millionaires, revealing that only 15% of millionaires serve(d) in senior-level positions like CEO, CFO, or VP at their companies.Out of the 10,000 millionaires featured in the survey, these were the top 5 most common careers:EngineerAccountantManagerTeacherAttorney"  https://lnkd.in/gqNbBnkE

For Millennials and Gen Z workers, faced with challenges like mounting student debt, rising living costs, and economic uncertainties, EWA can be a lifeline that can significantly improve financial wellness. Learn more in this article we wrote: How EWA can Improve Financial Health for Gen Z and Millennials | Instant Financial https://bit.ly/3zh1osm

Are you a Millennial that needs some help getting back on track, or starting your savings habits? We can help! Set up a complimentary in-person or virtual consultation today! #marathonwps

About six in 10 Americans believe money can buy happiness, according to the survey from financial services firm Empower that is based on online responses from 2,034 Americans based on a week-long period in August. We, at Whitwell & Co., disagree. Money does not buy happiness. And it doesn't buy love -- but it can, as they say, "improve your bargaining position" ha! Let's partner together and help you build true wealth -- and make sure that your definition of wealth includes health and purpose. #whitwelladvisors #wealthmanagement #planahead #taxsmart

Financial wellness means having a comfortable sense of financial security and having enough money to meet all needs and demands in your life. “Money dysmorphia" - the situation when people feel insecure about their financial standing, irrespective of the reality of their financial situation. This corresponds to today’s version of keeping up with the Joneses, but turbo-charged by social media. Financial coaching is not just about where and what to do with your earned money, it's about understanding your thinking and behaviours around your financial decisions now, before you get further down your life path and find yourself in a whole heap of money issues. If you have stress around money, of any kind, you are impacting your longevity. Period. #financialcoach #millennials #genz #lifecoaching #healthyageing