28 Feb

Wealth Management for Millennials

Onyinye and Onome are both young middle class professionals and like many couples in their mid-30s, they owned a home and had recently started a family. However, they had not considered a Private Wealth Advisor. To be honest, it wasn’t that many years ago that their biggest concerns were getting through college and graduating from school.

During Graduate school, they started amassing a considerable amount of debt and had difficulty saving. As their incomes rose dramatically after securing high paying jobs, Onyinye and Onome soon realized that they did not have a plan in place to save for their children’s university education, manage their debt, and set money aside for their own retirement, among other things. They couldn’t decide on how to prioritize these different interests or where to start. Between their careers, family commitments, and social activities, they continuously put off what seemed to be a daunting and arduous task: creating a financial plan for their future.

Finally, after several attempts to figure it out on their own, a trusted friend encouraged them to reach out to a Wealth Advisor at United Capital to review their financial situation.

 

Solution

During their Discovery Meeting (first meeting), Onyinye and Onome reviewed their personal and professional goals and objectives with their Wealth Advisor. It soon became clear that they required a Comprehensive Financial Plan that will effectively manage their total financial situation.

By the second meeting, Onyinye and Onome’s financial goals were finalized, and their Wealth Advisor then began to formulate a plan to prioritize their goals and they reached an agreement on actionable steps that could be taken over the coming years.

It was decided that emphasis should be placed on building cash reserves for emergencies, followed by implementing a savings strategy for their future and their children’s university funding. For their current debt, because the interest cost was low, it made the most sense to make regular payments and not be concerned about paying the loans off early.

 

Outcome

With the recommendations from their United Capital Wealth Advisor concerning their wealth management, Onyinye and Onome were able to implement a plan they could follow successfully by basing their planning decisions on mutual goals and the financial interests of their family. Throughout the following year, their Wealth Advisor stayed in contact regularly with them to ensure the appropriate steps were being taken to keep them on track.

Once the initial steps had been taken, Onyinye and Onome could focus their energies on their family and careers, comfortable in the knowledge that their financial plan was in place and being managed full-time by trusted professionals.

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CREATING CAPITAL

The goal of investment advisory is to help investors manage their money more effectively. However, the spirit behind such advice is education, including educating investors on their investments and how they work. It’s with this purpose in mind that the Private Wealth  team at United Capital form “Creating Capital” Community groups. Creating Capital is the Online subscription-based version of United Capital’s Private Wealth services.

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