Mainebiz

W W W. M A I N E B I Z . B I Z 35 M A R C H 2 3 , 2 0 1 5 a financially secure retirement are iffy at best … our research found employed millennials to be an emerging genera- tion of super savers." Recession carryovers Some boomers still have a bad taste in their mouth from the recession. "As we look at boomers, their obser- vations of 2008 aren't distant memories," says Michael Iacobucci, regional wealth leader for northern New England at TD Wealth based in Manchester, N.H. "At the top of their mind is how easily and severely things can go south." Boomers in particular have started to look for steadier portfolio growth, trying to avoid the wide swings typical before and during the recession. "Many clients are willing to trade upscale return for less of a downside," he says. Coupled with that, especially for those on a fixed income, are historic low interest rates and still volatile stocks. He does see a trend toward more transparency by family elders, who previously might have kept finances close to the vest, now trying to explain money matters to the next genera- tion. He says TD Wealth works with millennials mostly through existing relationships with their parents. Two elements enter conversations by both generations. One is to keep the basic understanding of wealth accessible and easy, and the other is that each generation doesn't want to burden the other, whether it be financial or other types of support. "Prior generations were more private about investments," Iacobucci says. "Families are now multigenerational, and people are living longer." He notes he is seeing some millenni- als, known for being tech savvy, look for more ways to use technology for finan- cial planning, including online services. And anticipating expected guidance by the Federal Reserve Board that would raise interest rates, he says, "Change creates a need for advice. e question is, 'How do I adjust?'" L o r i V a l i g r a , M a i n e b i z s e n i o r w r i t e r , c a n b e r e a c h e d a t l v a l i g r a @ m a i n e b i z . b i z IT'S YOUR LIFE, YOUR MONEY. AT FIRST ADVISORS, WE TOTALLY GET IT. Securities and investment products are not bank deposits, are not insured by the FDIC or any other government agency, are not obligations of, nor guaranteed by, any bank or bank affiliate, and may involve investment risk, including the possible loss of value or principal amount invested. A Division of The First Bancorp • 866.563.1900 • www.firstadvisorsonline.com Bangor • Bar Harbor • Damariscotta • Ellsworth Need help with managing your money? Choose the professionals who are truly tuned-in to your Maine way of life: First Advisors. From investment guidance to financial planning to trust administration, we work hard to make sure you and your financial goals come First. We're also your neighbors, people you see every day taking part in the community. Call to arrange a meeting at one of our nearby First Advisors offices, or at any of 16 convenient branch offices of The First. Investment Management Financial & Retirement Planning Trust & Estate Administration Custody Safekeeping Drummond Woodsum attorneys David Backer, John Kaminski, Jessica Scherb, David Sherman and Chris Stevenson have the skills to help sharpen and secure your vision for yourself and your loved ones with creative and efficient estate planning and administration, and to effectively resolve trust and estate disputes. 1 9 6 5 - 2 015 YEARS OF SERVICE TO OUR CLIENTS AND COMMUNITIES A T T O R N E Y S A T L A W DrummondWoodsum What's your vision? Learn what the Drummond Woodsum Estate Planning and Administration Practice Group can do for you at: dwmlaw.com 800.727.1941 As we look at boomers, their observations of 2008 aren't distant memories. At the top of their mind is how easily things can go south. — Michael Iacobucci, TD Wealth

• Cover