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V O L . X X I V N O. X M AY 1 4 , 2 0 1 8 20 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 F O C U S this year. "ey've grown up with access to so much information at their finger- tips, and so they're very savvy." While Spinnaker doesn't have strate- gies for targeting millennials as a group, it has planned its own succession through the creation of a principal-partnership structure and Rand's appointment as leader. Ten years after starting, she's now advising second-generation clients who were just kids when she started. "ey're not interested in coming in and having you work your magic box," she says. "ey want transparency and they're not shy about asking questions, which is great. at's how you form a trusting relationship." Across town, at F.L.Putnam Investment Management Co., 34-year- old Scott Mazuzan has been instru- mental in the firm's drive to bring in more millennial clients. Besides hiring young advisers like him, the firm introduced two offer- ings in 2016: A fee-based structure for financial planning advice that opens the door for investors of all ages and income levels, and a combination of technology-driven robo-investing and personalized, client-centered guid- ance. Mazuzan advises his clients on everything from paying off student debt to saving for retirement. e father of two young sons is in the same boat, and like Rand is impressed at how much his younger clients know. "ey're extremely curious and almost wary of the industry and they just want someone to tell hem what they're doing is sound or reasonable," he says. "In a lot of ways that makes my job easy." F.L.Putnam's new services have already brought in younger clients the firm hopes to work with for decades. "We want to be in business for a long time," says Tom Manning, the firm's CEO and president. F.L. Putnam is not alone in launch- ing a fee-for-service formula. On a larger scale, the XY Planning Network, co-founded by Michael Kitces, is "disrupting" the industry with its informal network of 640 advisers provid- ing virtual and local services for Gen X and Gen Y clients on a fee-only basis. "We don't see traditional firms going extinct," says Kitces, a Bates College alumnus and director of wealth man- agement at Pinnacle Advisory Group in Columbia, Md. "But we see a huge opportunity for XYPN advisors to continue to expand the market for financial advice in the first place, by serving younger clients directly." » C O N T I N U E D F RO M P R E V I O U S PA G E BerryDunn's team of seasoned professionals puts its assurance, tax and consulting know-how to work for you in a way that fi ts your operational style. We leverage our industry knowledge to help you make informed decisions and confi dently capitalize on the opportunities that drive value. Gain perspective. Visit berrydunn.com or call 800.432.7202. perspective perspective GAINED MILLENNIALS: A LARGE POPULATION GROWING AS INVESTORS MONEY HABITS OF DIFFERENT GENERATIONS S O U R C E : Accenture Consulting, citing the U.S. Census S O U R C E : Bank of America, 2018 Better Money Habits Millennial Report, Winter 2018 Total U.S. population (millions) Are saving Are budgeting Have savings goal Feel financially secure Number of investors (millions) Millennials Millennials Millennials Millennials Millennials Millennials Gen Xers Gen Xers Gen Xers Gen Xers Gen Xers Gen Xers Baby Boomers Baby Boomers Baby Boomers Baby Boomers Baby Boomers Baby Boomers 92 30 61 31 77 37 63% 57% 59% 54% 64% 42% 54% 54% 75% 42% 63% 57% 63% 57% 54% 59% 64% 42% 54% 54% 75% 42% 57% 63% 32.6% 50.8% 48.1%

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