Wealth Management
Investment building blocks Unanimously, financial advisers say
they advise their youngest clients to first build a base of savings, in both workplace retirement plans, like 401(k)s and 403(b)s and in the bank, before using any cash for additional investment plans. “When people are starting to build
up their money, we first advise them to take advantage of the 401(k) plans they are offered at work,” says Michael Joyce, president of JoycePayne Partners in Richmond. “Second of all, we suggest they set up an emergency fund, or six months of expenses, because their job could go away, they could decide to go back to grad school, any number of things could happen … Once they have this emer- gency fund set aside and have enough for their short-term goals (like buying a house) then we will recommend they invest more aggressively and more appro- priately for their time horizon.” As they embrace the traditional
wealth-building formula in ways many of their parents did not, millennial investors have turned to new technological tools to
Michael Joyce says millennial clients want fi nancial information quicker.
interactive” style of communication delivered via a variety of communications platforms. “I do see a greater impatience” from
Generation Y clients, says Joyce. “Not so much results-oriented, but faster information-oriented.”
Providing apps Greg Popera, a private wealth
adviser with Merrill Lynch in Tysons Corner, says Generation Y’s need for speed and low-cost investment tools and its ingrained cultural mistrust of what he calls “Big Finance,” has led to the rapid rise in “robo” investment apps, which millennials can access from their laptops, smartphones and home PCs. He says financial advisory firms
monitor and manage their wealth. In years past, Joyce would use paper
reports and the Postal Service to com- municate with his clients in a “slow and immersive” style aimed at educating them about good and bad investments and long-term strategies. Now, his younger clients prefer what he calls a “fast and
SUCCESS FEELS GOOD WITH WISE WEALTH MANAGEMENT.
must “provide applications that [millen- nials] can use on their own: apps that can help them calculate their Social Security benefits for example, the what-if scenarios, like college-planning.” The idea, says Popera, “is to bring
that old, stodgy financial institution down to the ground level with this next generation.”
At Union, we offer customized solutions for investing your wealth and preserving your legacy. You’ll work with a team of expert advisors who’ll listen closely to your priorities and show you options for achieving financial goals. And because we’re local, you’ll be working with a bank you know and trust.
FDIC Member 1-800-990-4828
Union Bank & Trust Member FDIC
bankatunion.com
Union Investment Services and all affiliated companies are independent of Raymond James Financial Services. Securities are offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Securities are not insured by FDIC or any other government agency, are not bank guaranteed, are not deposits or obligations of the bank, are subject to risks, including the possible loss of principal. Raymond James is not affiliated with the other team members. You should discuss any tax or legal matters with the appropriate professional. Raymond James advisors do not provide tax services. Union Wealth Management, 3900 Westerre Parkway, Suite 201, Henrico, VA 23233. Phone: 804.550.4925.
80 DECEMBER 2016
888-263-3545 Union Bank & Trust
Photo by Rick DeBerry
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