Help clients achieve financial balance during all life stages

A series of strategies to help clients attain their goals, no matter their age.

• Kurt Rupprecht

hile each decade of life presents a new set of financial obstacles and opportunity for financial growth, what rings true for clients of all ages is that financial balance and compromise must be equally made. The wealth advisor’s role is to help clients find this balance within their finances and create a backdrop for them to make educated decisions at all stages of their life.

Here are some of the practices I’ve found work best when helping my clients navigate their finances. Collectively, these strategies can work collectively to help clients build positive habits and make consistent progress toward the life they want to live.

20s: time is their greatest asset

WMany 20-year-olds who are managing their money for the first time find themselves overwhelmed by this sizable new responsibility. Between paying back student loans, developing their career, and finding a balance of saving and spending, it is easy for young adults to feel lost. However, members of this age group commonly overlook the fact that they hold the greatest asset: time.

The sooner an individual in their 20s starts saving for retirement and investing their money, the more opportunities they will have to grow their wealth.

The first step a financial advisor should take when advising advising clients is to ask about their goals. Next, consider talking through the estimated cost of their desired lifestyle and what actionable steps are needed to secure this flexibility.

A recent Northwestern Mutual study found that 57% of people prioritize paying down debt over contributing to their savings account. Although paying down debt is important, financial advisors can encourage their clients to plan for their future strategically by taking a balanced approach to their finances.

For example, paying off student debt will happen over time, but it should not outweigh the importance of creating an emergency fund or