A Canberra based MLC financial adviser has devised a pilot program designed to encourage Gen Ys into financial planning.
The program titled Cashflow Coach, was designed by financial adviser Michael Miller, gathers about 10 young people together monthly in a group session and helps them with budget and cash flow management. Miller has said that, the program is, “aimed at people who are at an early stage of their careers but are ready to have long term goals” and “people from 20 to 30 years old who usually can’t afford the cost of a one-on-one meeting with an adviser, but with multiple clients in a session, the group shares the cost.”
Miller has said of the program that it has already begun as a trial at the MLC Advice Centre in Canberra and may expand to other MLC practices if he could “get a steady stream of people and prove that it is profitable for a planner” and rather than planning for retirement or managing portfolios, the focus is on “spending and saving cash so in the future they can build an investment portfolio.”
Coming from an a adviser background Miller said he experienced “a bit of shame to think that I couldn’t walk in to my practice and be my own client.” The young adviser now targets university students, young professionals and the children of his older clients.