“Investors are able to borrow a percentage of their portfolio value based on the underlying holdings,” said Ryan Kenny, director, Portfolio Manager at Crestwood Advisors in Boston. “This gives investors purchasing power to buy more securities, make a large purchase or use as a bridge loan for short-term liquidity needs.”
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Move over baby boomers because in 2019 millennials surpassed you by becoming the largest generation in the United States. With this generation’s increase of financial inheritance compared to the previous generation, financial advisors need to adapt new business models to attract and retain younger clients.
One suggestion is that advisors should consider a subscription fee schedule. “Create a model based on an annual fee, monthly fee or percentage of income,” says Billy Spencer, a wealth planner at Crestwood Advisors.
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Crestwood Partner and Wealth Manager Alyson Nickse spoke with NextAdvisor/TIME last week on the impact of rate hikes by the Federal Reserve and what may be ahead for the markets this week with another increase in the forecast.
Read more: https://time.com/nextadvisor/investing/latest-stock-market-news/