The Millennials Are Coming. Are We Ready?

Kitces, Michael E.
June 2005
Journal of Financial Planning;Jun2005, Vol. 18 Issue 6, p16
Academic Journal
The article discusses the emergence of Millennials in the financial planning profession in the U.S. The Millennials are also known as Generation Y or Echo-Boomers. This generation of current youngsters, born from roughly 1981 through 2001, is just seeing its first and oldest members graduate from college and enter the working world. Just as the baby boomers defined jobs, the marketplace, and the services of successful businesses as they grew up, so will the Millennials as they enter the workforce. This tidal wave of job entrants, flooding the financial planning profession as the baby boomers begin to retire, will challenge the profession to redefine itself to develop careers for the next generation, who won't necessarily want to do things. Unfortunately, the profession has fallen behind in setting clear expectations about how to develop a career in financial planning, and the result is a generational gap. Since they haven't been shown a career track to set reasonable expectations, rising Millennials hope to achieve everything immediately. Veteran planners, however, remember the slow and arduous journey of defining oneself as a financial planner and the growing pains as the profession first established itself.


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