With the future of Social Security uncertain and traditional pension plans fast disappearing, many millennials understand that the responsibility of saving for a comfortable retirement falls squarely on their shoulders. But this generation of workers under age 35 faces several distinct challenges when it comes to saving more.
There are people in the world who, outwardly, seem to be doing quite well, and yet inwardly are living an unhappy life encumbered by stress, health problems, and family dysfunction. Conversely, there are people who are far from wealthy, yet they're joyful, at peace, and buoyed by the love they give and receive.
If you become the type of man (in financial services) who can say emotional intelligence without laughing, listening to what clients (and people) are telling you, helping them to separate the signal from the noise, you also can be a man who can think like a woman - someone who is the new fresh-faced voice of Wall Street.
Not only will these millennial inheritors likely look for a new financial advisor to manage their money, as opposed to sticking with the family advisor, they will also want to ensure their money positively impacts society, and they tend to crave intimate involvement with the causes they support. This could transform charitable giving.