Rising star advisor on how fellow millennials can be better financially prepared
Who better to address the financial issues facing millennials than … a millennial.
Chelsey Chartren, a financial advisor, The McClelland Financial Group at Assante Capital Management Ltd, has lived and breathed numbers since she was old enough to count, influenced by family members who had spent years in the profession.
Now 25 years old, she has rapidly progressed from studying business, majoring in finance, at University of Ontario Institute of Technology (UOIT) to working part-time as a TD Bank teller to forging an impressive career at Assante, where she has worked for the past three.
“I’ve always been a numbers person and always wanted to help people, and that’s really what this job is,” said Chartren, who has her Canadian Securities (CSC) designation and is working towards her Certified Financial Planner (CFP) one.
She believes that because millennials will inherit their baby boomer parents' wealth, it is vital they start a plan and prepare them for when they have to manage potentially significant amounts of money.
She said: “I’m a millennial myself so I understand how they work. I’m pretty sure they are the biggest generation now – they’ve passed baby boomers I believe. They are also children of the baby boomers, so once the baby boomers pass away, the money will be travelling down into millennials’ hands.
“So I think it is very important to get them in here. Most of them probably don’t have a whole lot of money but it’s important to get them in here, start a plan, and eventually when they come into some money they have someone here to help them.”
She added: “I feel that, for millennials, it’s still too young for them to wrap their heads around because things are going to change so much as they get older, so I agree that they don’t quite value [a plan] at this time but they still value the advice.”
To this end, Chartren emphasises three points she believes have to be made clear to young people at the start of their financial journey: spending less than you earn, paying yourself first and starting early.
She said: “They are three main key points which seem obvious, but people who are not in this industry wouldn’t necessarily think of those things.”
You can hear Chartren talk about these issues at the Wealth Professional Leadership and Technology Summit on May 30 at the Westin Harbour Castle in Toronto.
For more details on the event speakers and how to buy tickets, go to http://www.wealthprofessionalsummit.ca/buy-ticket/
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