Mainebiz

W W W. M A I N E B I Z . B I Z 17 F E B R UA R Y 2 1 , 2 0 2 2 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T Some of our younger clients have a more 'traditional' relationship with our firm in that they have delegated investment management and research to us. MB: To what extent are the expectations of younger investors shaped by the ability to ac- cess advice anywhere, any time? KB: Social media, online shopping and digital banking all provide instant gratification which is something investors cannot and should not expect from the stock market. MB: How do these changes affect the way your firm operates? KB: All younger investors expect a completely digital experience, so being able to provide that is important. e pandemic forced us to host digital meetings for all clients, which has strengthened our relationships with many young clients who often live out of state. Having been in business for 25 years, our firm is now serving second or third gen- eration clients and, in many cases, multiple genera- tions at once. e financial needs and goals differ across age groups, so typically Brian Bernatchez or Bert Languet (my colleagues at GPWM) will advise the older generation in a family whereas I am the advisor to the younger family members. is helps us develop our areas of expertise. David Hanson is managing partner at IIS Financial Services in South Portland. He circulated our questions to his team and compiled the following responses. Mainebiz: Are you seeing younger generations look- ing to invest their wealth in new ways? David Hanson: Yes, cryptocurrencies, meme stocks and real estate are the most common investments that younger people bring up. A meme stock refers to the shares of a company that have gained a cult- like following online and through social media platforms. GameStop in January of 2021 is a good example. ese online communities can build hype around a stock through narratives and conversa- tions elaborated in discussion threads on websites like Reddit and posts to followers on platforms like Twitter and Facebook. To select or request more info about these investments, they rely on friends' research through the internet and social networks — both online and offline. Of course, heeding advice from friends is I think this digital age has made the market more accessible to young people. — Kathryn Brann Golden Pond Wealth Management People with a passion for Maine Meet Peter Lamb of Kittery Point, who pursues his passion for Maine as a donor at the Maine Community Foundation. He's committed to community – from the Kittery Land Trust to the STAR Theatre in Kittery. Donors with a passion for Maine look to the Maine Community Foundation to steward their charitable resources. As a statewide foundation for nearly 40 years, we see the powerful impact of giving every day through the work of nonprofit organizations and grassroots efforts in this place we're proud to call home. When you're ready to establish a fund and/or create your legacy, our staff can assist with gift planning that benefits you – and benefits Maine. 1-877-700-6800 | info@mainecf.org | mainecf.org C O N T I N U E D O N F O L L OW I N G PA G E »

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