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‘I Don’t Think it Works Like That…”

Good morning…

To everyone except the random guy who paid for drinks on a first date and then later asked the woman to PAY HIM BACK after learning she wasn’t down for a second date.

Yikes 😬

Imagine if we did that to prospective clients who ghosted us after 3 meetings…

“Yeah…so…do you mind paying me back for the 10 hours of work I did putting together plans and projections for you to review?”

I don’t think it would go over that well…but then again…

Jeremiah “Well, This is Awkward” Desmarais

CEO, Advisorist

In Today’s Issue 👇️ 

• Retirement Millionaires Are Growing, But is Gen Z Overly Too Confident?

• The 8 Things Your Clients Don’t Know About Estate Planning 🤷

• Got Trust Issues? Try doing THIS when sending an email

Plus, all of the week’s biggest headlines.

💼 Retirement Millionaires Jump, But Are Gen Zers Overly Optimistic? 🚀

Buckle up for a journey into the world of retirement visions, where everyone's dreaming of becoming a millionaire and Gen Z's plotting to retire on a budget.

📈 The Millionaire Boom!

Hold the champagne, but do keep it chilled.

According to Fidelity, Q2 brought a 10% increase in millionaires holding 401(k) accounts, and a 13% increase in IRA millionaires.

Retirement balances have been surging for three straight quarters, with the average IRA balance hitting $113,800 and the average 401(k) balance reaching $112,400.

(The S&P 500's up about 16% so far this year, so hats off to market conditions…at least before this week.)

And Gen Z, Millennials, and Gen X?

Their 401(k) balances are skyrocketing too. It's an uptrend with Gen Z leading with a whopping 66% increase.

Now for the spicy twist 🌶️…

Gen Z might be crushing it on 401(k) participation, but are they being a tad overconfident?

😲 Gen Z's Retirement Mirage?

While boomers are shooting for $750,000 in retirement savings, Gen Z thinks they can skate by on just $250,000.

But I think we can agree, that’s not just cutting corners – that's taking a shortcut through uncharted territory!

So, what's going on? A whole lot of guesswork, apparently.

• Nearly half of people simply guess their retirement needs

• Online calculators are out of date

• Inflation's messing with everyone's math.

It's a wake-up call for financial advisors, especially when younger workers are basing their retirement estimates on their current life expenses.

Life's not that simple, and neither is retirement.

🎯 Advisor Toolkit: Framing the Issue

If you're an advisor eyeing this Gen Z conundrum, here are some tactical tips for turning those uncharted shortcuts into a well-paved retirement road:

1️⃣ Educate, Don't Shame: Show the real costs of living in retirement. Use updated tools (like MoneyGuideElite or even Google Drawings) and factor in the current market conditions.

2️⃣ Bring In the Experience: Leverage insights from older generations. Let Gen Z know that even those who overestimated their needs found benefits in saving more.

3️⃣ Promote the Long Game: Stress the importance of planning for unexpected life changes and market shifts. Encourage continuous saving and realistic goal-setting. (This chart is a pretty amazing visual to share with younger clients.)

4️⃣ Personalize the Approach: Understand individual lifestyles and aspirations. Tailor advice that meets Gen Z's unique needs without breaking the financial laws of gravity.

🎉 The Final Sip

As you know, retirement planning has never been a one-size-fits-all game.

While it's refreshing to see the gains in retirement savings, especially among young investors, a (friendly) reality check might be in order.

The 8 Things Your Clients Don’t Know About Estate Planning 🤷

20 years ago, Erin Nunes was walking into Surprenant & Beneski as a legal secretary.

Fast-forward to now, she's a partner at the same firm and has become one of the industry’s leading experts in estate planning.

With U.S. baby boomers taking the retirement train at record numbers – and looking to pass down fortunes without handing Uncle Sam more than his fair share – Nunes' phone is ringing off the hook these days.

To her, it’s a game of tax laws, inheritances, and ensuring that adult children and grandchildren aren't left with empty piggy banks.

This week, she shared 8 Big Things Clients Don’t Know About Estate Planning:

1. Even with a will, probate is a possibility.

2. Protecting assets from long-term care costs is doable but complex.

3. Estate planning is a team effort.

4. It’s never too late for damage control.

5. Early trust-based planning is great, but there’s a limit.

6. Beneficiary designations are not a one-time event.

7. Estate planning isn’t just for the elderly.

8. Effective estate planning can be done in a private manner.

Context is always important when meeting with clients. If you do estate planning for boomers, don’t assume they know everything you do.

Keying them into some of these facts is important.

You can find Nunes’ full breakdown here.

P.S. Any more you would add to her list? Reply and let me know.

Top Headlines: Everything You Need to Know

Headline Roundup

• Report: Most say economy's bad, but own finances are good [AX]

• FTC: Investment Scams Are Booming on Social Media [AP]

• Google reportedly building A.I. that offers life advice [CNBC]

• ‘Barbie’ star Robbie has now made $50M from movie [CNBC] 

Markets

• Global Stocks Have Worst Week Since March [Y!]

• China Troubles Push Hong Kong’s Hang Seng Into Bear Market [NYT]

• Investors Are Betting on Interest Rates Staying High [FT]

Cryptocurrency

• Bitcoin heads for its worst week since May after major slide [CNBC]

• Report: Musk’s SpaceX Sells Off $373M of Bitcoin [TB]

• BlackRock Shakes Up the Bitcoin ETF Race and Gives Investors Access [BBG]

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An Event Worth Putting On Pants For

I feel like the pandemic totally changed my perception of conferences and in-person events.

Like, do I really want to get all dressed up, fly somewhere, and sit in a stuffy hotel conference room just to get some free CE credits? 🤔

Is it just me…or do you feel that way too?

That being said, it takes a lot to get me excited about an in-person event.

But this year’s Future Proof conference is one of them.

(I’m not even sure I should call it a conference – it’s the World’s Largest Wealth Festival…and it’s 🔥🔥🔥)

I’m told that this year is lining up to be their best one yet, with thousands of financial advisors, LPs, asset managers, fintechs, emerging startups, media, etc. on hand.

Some of my favorite highlights:

• Expert sessions

• Live podcasts with industry leaders

• 1-to-1 meetings with top advisors and leaders

Figured I’d let you know about it – because this one is worth putting on actual pants for and getting out of the house 🤣

Register using this link and receive a discounted rate as an Advisorist subscriber!

Meme of the Week

Got Trust Issues? Flash a Grin 😃

For all of the advantages of being a virtual advisor, there’s one downside: Limited face-to-face contact.

Research shows prospects don’t automatically trust the person with the most expertise.

They’re much more likely to trust the person they believe has their best interests at heart.

And how do people decide who has their best interests at heart?

You guessed it…by their face.

Our brains form impressions of strangers’ faces in just 1/10 of a second, which allows us to make quick judgments on who to trust.

If you want to build trust online – particularly with cold prospecting – I recommend showing your face more often.

One way to do this is by adding your smiling headshot to your email signature so that it shows up every time you send an email.

This handy little tool makes it super easy. (I’m sure there are others out there, as well.)

☕ TL;DR: Add your headshot to your email signature to build more trust.

👀 The Best Thing I Saw All Week

14-year-old DeJuan Strickland turned hunger into action.

Starting with a simple GoFundMe goal of $200, he raised $400 to zap lunch debt at his old stomping grounds, McCurdy Elementary.

Then, he went district-wide, raking in nearly $6K to squash school lunch debt.

His message? "Your generosity is greatly appreciated." 

That's one slice of empathy served hot! 🍕🎓

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.