Let’s be clear: Garrett Prom isn’t a wealth manager.
The Austin, Texas, fee-based financial advisor is investing in clients who are in their 20s, 30s and early 40s, with the expectation that providing holistic financial planning now will result in loyalty as their portfolios grow. In a way, millennials are annuities for his relatively new advisory practice.
In November, Prom met with a couple in their mid-20s. They’d saved $50,000 – not enough for a wealth advisor to sneeze at, but a sizable sum for two young people. They needed to figure out how much to shift into a retirement account (Prom recommended a Roth IRA), how much to devote to a new car and how much to seed the down payment for the house they’d like to buy within a couple of years.