Mainebiz

W W W. M A I N E B I Z . B I Z 21 M AY 1 4 , 2 0 1 8 Bridging the generation gap Among traditional firms in Maine seeking to bridge the generation gap are R.M. Davis, which runs a one-day financial-education summer school for young adults — clients' children, grandchildren, nieces and nephews. It switched from an in-house to a webinar format last year that covered a topics from credit scores to sustain- able investing. "It's an educational tool for us too," says R.M. Davis Vice President George Carr, who at 33 is the firm's youngest portfolio manager, a Bates College grad hired in 2015 after six years with Federal Street Advisors in Boston. He says he's found younger clients to be focused on setting money aside not just for retire- ment, but also for experiences, like one client in his 20s who favors spending more on vacations over maximizing retirement contributions. At Robinson Smith Wealth Advisors in Portland, David Robinson and Tracey Daigle have also had to adapt, by emailing financial-plan reviews. "In the business we're in, which is a service business, you have to accept that email is part of your work," says Robinson. "at started with the baby boomers but it certainly accelerated with the millennials." And while they do use LinkedIn and Twitter, they're not using social media to reach millennials. ompson-Hamel LLC in Presque Isle and Bangor is just the opposite, with regular posts on Facebook, LinkedIn and Instagram of firm outings, social activities and even employees' babies in ompson-Hamel onesies. "When we post things about real life, that's what gets people's reaction and gets people to like it or make a com- ment," says partner Bryan ompson. Regardless of what advisory firms do, none of it is likely to sway Kelly Muse, a musician with an MBA in finance who's skeptical of experts and is a fan of the Coffee House Investor blog. "A few hours of reading and a little bit of research can really set you up for the rest of your life," he says. Investing since college has paid off for Muse, who bought a house just before turning 40 in August. Born on the cusp of two generations, he identi- fies with millennials and has this advice for young investors: "Avoid going into debt, because debt is compound interest working against you." R e n e e C o r d e s , 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 r c o r d e s @ m a i n e b i z . b i z a n d @ r s c o r d e s Portland (207) 774-7000 Lewiston (207) 777-5200 Like You, We Believe Retirement is a New Beginning You've worked hard for peace of mind in retirement. Trust Norman Hanson & DeTroy to help you live it. Learn more at nhdlaw.com/elderlaw PR ES ENTI NG S PONS OR Join us at our fourth stop in the 2018 On the Road with Mainebiz event series at the Warehouse Bar & Grill in Caribou. Enjoy hors d'oeuvres and a cash bar while networking with business executives in the area. Network with Mainebiz and Area Business Executives on June 28 AT T E N DA N C E I S FREE B U T S PAC E I S LIMITED! Please be sure to register ahead at www.mainebiz.biz/OTRCaribou FOLLOW US @MBEVENTS #OTRCaribou18 CARIBOU 5:00–7:00pm | Warehouse Bar & Grill, Caribou R EGI ONAL S PONS OR S P H O T O / T I M G R E E N WAY F O C U S Musician Kelly Muse, pictured at 317 Main, where he teaches piano, is a fan of the Coffee House Investor blog.

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