Baby Boomers, Millennials, and the Financial Advice Gap
00:00:00.000 | We've never had a generation as large and as wealthy as the baby boomers that are going to
00:00:04.860 | live for as long as they do. So I think they're going to screw up a lot of historical relationships
00:00:08.560 | in the years ahead. I think that part of it is going to be bizarre. But then they have the
00:00:11.560 | offsetting millennials that are just as big as they are. We're getting into middle age these days.
00:00:17.300 | So that shift, I think, is interesting. I've just been having talks with people that I think the
00:00:22.800 | need for financial advice in the years ahead is going to be greater than anything we've ever seen.
00:00:27.100 | Because again, you have all these people who did the DIY thing and saved and invested and they did
00:00:31.560 | just fine on their own. And then they realize in retirement, okay, now I'm really on my own.
00:00:36.500 | I'm in the water with no life raft. I don't have any income coming in anymore. I'm just living on
00:00:41.340 | this portfolio. I have to think about taxes and withdrawal rates and what happens to my family
00:00:45.740 | and estate planning. And God forbid, something should happen to me. I'm the one who's been
00:00:49.820 | dealing with the finances. What happens to my spouse or my kids if something should happen to me?