Dialogue

1. Jocelyn: Isaac, you were saying earlier that we’re about to deal with a different kind of client in this industry.
2. What exactly did you mean by that?
3. Isaac: What we’re seeing now is that young professionals are coming in with the same questions, but they’re looking for a different set of answers.
4. Normally, our older, traditional clients-they come in and ask what’s available, and we reply, you know, stocks and bonds, funds, savings accounts at the bank.
5. Just different ways of making money.
6. But the younger ones, they want to do good things, they’re seeking out ways to help the world.
7. So in the future we’ll no longer be saying’stocks and bonds’, we’ll be saying ‘Look if you’re worried about the environment, choose funds A or B, if you want to support the arts, go with X or Y.’
8. Bob: So, you’re saying that younger investors aren’t concerned about financial returns?
9. Isaac: Oh, don’t get me wrong
10. Making money will continue to be the main reason people come to us.
11. And that-goes for young people too.
12. But it’s not just about meeting their family responsibilities anymore-there’s this shift toward life experiences, making their dreams come true.
13. So, I think financial advisors will start to bring out new kinds of advertising.
14. And we’ll be moving away from this image of the middle-aged guy and his family, and they’re all smiling, you know- ‘Oh, I’m sending my kids to college.’
15. It’ll be much more personal than that.
16. It’ll be about the year abroad in South America, or the vegetarian restaurant they always dreamed of opening.
17. And it’s gonna be our job to say ‘Yeah, we can make that happen.’
18. Jocelyn: Will this also affect how young people manage their finances?
19. Isaac: Absolutely. They’re going to shake up the way we do things in that area.
20. A 25-year-old doesn’t want a report coming in the mail twice a year.
21. They want to open their phone and check their finances at 2: 00am, and change their investment settings too if they feel like it
22. And we can expect to see new apps that help them with this.
23. Over time, the companies that rely on the older methods will quite simply go out of business.