Updated Saturday, October 25, 2014 as of 11:26 AM ET

Dear Old-School Advisor: Change Your Ways, or Lose Our Business

What group is 85-million strong, holds $1.5 trillion in purchasing power and drives the market in every industry but health care? The under-35 generation known as “millennials.”

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Comments (1)
As an old (but decided not "fat") dude I guess it would be best if didn't try to hide my abacus or get a face lift and just leave the Millennials to the New Breed. These younger advisors (The Great Winfield's "kids" - see Adam Smith's Money Game) will then, with supreme confidence, proceed to march over the cliff making all of the horrendously costly mistakes we "old, fat dudes" made when we were their age.

Young advisors have a lot going for them - enthusiasm, energy, charisma and most of all self-confidence. What they don't have is experience.

Old guys may be curmudgeonly and decidedly less attractive and hip than we once were but, by God, we paid our dues so we are slow to grab on to the next New Thing (having seen one just like it 20 years ago)or the latest "can't miss" investment fad (yes, I did mean fad).

In a bull market that defies explanation you, like the Great Winfield, want to have a kid running your money. But when the music stops and the lights go out you better have had your "safe money" with one of those old dudes.

As Warren Buffett once said, "you can't teach a new dog, old tricks."

Old guys rule!
Posted by Kent G | Friday, May 30 2014 at 8:14PM ET
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