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Gen X Wealth Partners Helping Those Caught in the Middle Achieve Financial Security
By Janice Lane Palko
Sometimes those who need help the most get the least help. That is often the case when it comes to Generation X, those born from 1966 to 1980, and their financial well-being. “I liken those of Gen X to Gumby, they are being pulled in every direction,” said Michael Labos, founder of Gen X Wealth Partners, a new financial advisory firm dedicated to helping those in that generation.
“When you think about it, those in the 35-55 age group have so many things demanding their attention. Many have aging parents and either kids in college or kids who will soon be heading off to college. They are trying to save for their kid’s education and their retirement. They have the greatest debt with mortgage and some still have student loans. They are often so busy with careers and their lives, that they don’t take the time to assess their situation, establish some goals, and plan for their future,” said Mike, who is a Certified Financial Planner and who has been working in the industry since 2004.
Mike knows how it is because he’s a Gen Xer himself. “I decided to start this venture because I wanted to help people. I’m not a miracle worker; if you’re 60 years old and only have $50,000 saved for retirement, I’m limited in how much I can help you, other than to advise you to keep on working as long as possible, but if you’re younger, say 45, and have $50,000 saved, I can help get you on track,” said Mike. “My goal is to be your partner. I believe that you are the CEO of your household and I can be your CFO,” said Mike, who can advise on all aspect of wealth management including investments, insurance, wills, powers of attorney, etc. “When people think of financial advisors, most think of managing stocks and investments, but that is only one piece of the financial puzzle.”
One troubling characteristic of Gen Xers that hampers them is their lifestyle. “Gen Xers are addicted to debt. It’s that old ‘keeping up with the Joneses’ scenario, but I hate to tell you, the Joneses are broke. Everyone needs to adhere to a budget, myself included. In fact, in October of 2018, I did my own budget challenge, and before I bought anything, I asked myself, Is this a need or a want? I only spent my money on ‘needs,’ and when I compared my spending to the previous month with 31 days, August, I was able to save 15% of my income. A budget clarifies things and helps you to prioritize what’s important.”
Another reason Gen Xers are in the dark about their finances is that traditional financial advisors tend to service those who have a lot of money. “It is my goal to change that. Also, many financial advisors tend to be older. If you are 35 and your financial advisor is 55, he’s not going to be there for the long run to accompany you as you pursue your financial goals,” said Mike.
Gen Xers are also pressed for time. “My services will be delivered virtually. I want to be accommodating. Although I’m local, by the time a client drives to my office and drives home, that’s an hour or two wasted. I plan to do web conferences. If you need a breakfast meeting at 7:30 a.m. or an evening meeting at 7 p.m., I can accommodate you,” said Mike.
Since the pandemic Mike has developed an even greater appreciation for our essential workers. “I have always been proud to be an American but watching so many essential workers has inspired me. I have begun to offer complimentary no obligation financial planning for essential workers. I don’t want to leave anybody behind.”
Although he wants to help as many Gen Xers as possible, Mike also wants to maintain a personal touch. “Many financial advisory firms have little contact with their clients. I don’t want to be like that. I’ll only take on as many clients as a I can handle and still maintain a relationship,” said Mike. “I want to see you succeed financially.” n
Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Gen X Wealth Partners is not affiliated with Kestra IS or Kestra AS. finra.org/sipc.org
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