The Attack of the Millennials: Who Has the Money and Your Future as an FA
The Millennial Generation is about to hit the financial services industry with the destructive force of a tidal wave. After the water drains away, aging financial advisers will be left wandering in a daze amidst the wreckage of Bloomberg terminals, stacks of waterlogged Wall Street Journals, and a jungle of wires ripped from landline telephones.
Could anything add to this trauma? Yes, FAs will soon lose all of their accounts to robo-advisers.
This seems the immediate future of our business from industry websites, articles in the financial press and hype from robo-advisor startups. Feeding this dystopian view of the future are alarming news reports such as this one of April 25th 2016 from the respected Pew Research Center: “Millennials Overtake Baby Boomers as America’s Largest Generation!” Face it, you’re a dinosaur.*
What should you do?
Go immediately to the nearest retirement home and check-in?
File a lawsuit against someone?
Sell everything you own and move to place where the cost of living is lower such as Peru or North Korea?
“None of the above,” says Cannon Executive Vice President and Director of Instruction, Linda Eaton. “FAs should not fear their practices are going to be destroyed by changing demographics.” Linda, who began her career in the financial services industry as a Financial Adviser with Merrill Lynch, speaks to audiences of FAs around the country and has her thumb on the pulse of our business.
The Pew Research Center defines the Millennial generation as comprising people in the US ages 18 to 34 (as of 2015) and the Baby Boom generation as comprising people in the US ages 51 to 69. ** Linda makes the obvious— yet rarely made point— that as of now, Millennials don’t have a lot of money. So who does?
“Everyone in our industry spends lots of time looking at numbers,” Linda says, “so just a brief glance at the numbers on household wealth from the US Census Bureau will tell you as an FA where the money is.”
Median household wealth by age in the United States as of 2011 according to the US Census Bureau. ***
Age range Median household net worth
Under age 35 $6,676
35 to 44 $35,000
44 to 54 $84,542
55 to 64 $143,964
64 to 69 $194,220
“The Millennial generation is just beginning the asset accumulation phase of their lives,” Linda says, “while most Baby Boomers have already accumulated a lot of wealth. You don’t need to fear for your practice. Besides, I know a lot of Millennials. Most of them are very nice and truth be told, they aren’t much different from the rest of us.”
Finally, there is a curious fact about Millennials contained in the aforementioned study from the Pew Research Center: they don’t like being called Millennials.
“Despite the size and influence of the Millennial generation… most of those in this age cohort do not identify with the term ‘Millennial.’ Just 40% of adults ages 18 to 34 consider themselves part of the “Millennial generation,” while another 33% – mostly older Millennials – consider themselves part of the next older cohort, Generation X.”
Cannon Financial Institute is the “gold standard” for wealth management training, development and consulting. I worked at the firm for many years and my colleagues were the most talented people I have ever worked with. Last year the firm sought me out to write articles for them which I started doing in January of 2016. After a hiatus of nine years, I am pleased to report that my colleagues continue to be the most talented people I have ever worked with and it is a pleasure to be working with them again. I will posting the articles I write for them on my blog after they appear on Cannon’s website. https://www.cannonfinancial.com
“Group Capt. Stagg and his colleagues (were) under almost unimaginable pressure and conflict… with the fate of the war and perhaps the world hanging in the balance.”
Comments Charles McCain: Stagg was the considered the top weather forecaster in Great Britain. He was a civilian but during the war he was given the rank of Group Captain and made Chief Meteorological Officer of the RAF.
Gen. Dwight D. Eisenhower aboard the HMS Apollo, a mine layer, on a visit to a beachhead along French coast, June 7, 1944. (photo courtesy of Eisenhower Foundation)
“OK, let’s go.”
Gen. Dwight D. Eisenhower, giving the final order for D-day, the assault on Nazi-occupied France, June 5, 1944
The greatest invasion force in the history of warfare stormed the beaches of Normandy, France, on D-Day, June 6, 1944. It was the beginning of a campaign of liberation to eliminate Nazi tyranny over the oppressed peoples of Europe, and its commander, Gen. Dwight D. Eisenhower, Supreme Commander, Allied Expeditionary Force, called it “The Great Crusade.”
Eisenhower gave the final order that put the vast operation in motion in the early morning hours of June 5, as meteorologists predicted a temporary break in the stormy weather. Hours later he wrote this note, in case the operation were to fail. In the statement, he praised the men he commanded and accepted total responsibility for the failure the next day could bring. The only apparent hint of nerves on his part is his error in dating the note “July 5” instead of June 5.
(courtesy of National Archives and Records Administration, Dwight D. Eisenhower Library, Presidential Papers, Principal File: Butcher Diary 1942-1945). Harry Butcher was Eisenhower’s naval aide.
US Army troops heading for the beaches at Normandy 6 June 1944
(photo courtesy of USA Today)
As this Coast Guard LCI noses into a French Invasion beach to debark it’s load of American troops, a Nazi mine explodes close off its port bow. Exposed to enemy fire in the beach dashes, Coast Guard Coxswain and Gun Crew felt the first fury of German shell and machine gun fire, as well as the blasts of hidden mines. From the Records of the U.S. Coast Guard (RG 26).
“To go or not to go?”
The Most Important Weather Forecast in History:
Gen. Eisenhower’s chief meteorologist, Group Capt. James Martin Stagg, made one of the most important weather forecasts of all time. Defying his colleagues, he advised Ike to postpone the invasion of Normandy by one day from June 5, 1944, to June 6, because of uncertain weather conditions….
Stagg — who was actually a geophysicist by training — and his fellow British and American meteorologists were operating without any of the technology and equipment that today’s forecasters take for granted, such as satellites, weather radar, computer modeling and instant communications.
Predicting the exact timing, track and strength of these storms put Group Capt. Stagg and his colleagues under almost unimaginable pressure and conflict… with the fate of the war and perhaps the world hanging in the balance.
Years later, during their ride to the Capitol for his inauguration, President-elect John F. Kennedy asked President Eisenhower why the Normandy invasion had been so successful.
Ike’s answer: “Because we had better meteorologists than the Germans!”
sources: USA Today and The Forecast for D-day: And the Weatherman behind Ike’s Greatest Gamble, by John Ross
D-Day 6 June 1944. A LCVP (Landing Craft, Vehicle, Personnel) from the U.S. Coast Guard-manned USS Samuel Chase disembarks troops of Company E, 16th Infantry, 1st Infantry Division (the Big Red One) wading onto the Fox Green section of Omaha Beach (Calvados, Basse-Normandie, France) on the morning of June 6, 1944. American soldiers encountered the newly formed German 352nd Division when landing. During the initial landing two-thirds of the Company E became casualties.
(Photo by USCG Chief Photographer’s Mate Robert F. Sargent. Courtesy of the National Archives and Records Administration)
June 6, 1944 A paratrooper loads for take off in England in preparation to leave for invasion
Courtesy of the National Archives and Records Administration)
WWII French General Charles De Gaulle A WWII photo portrait of General Charles de Gaulle of the Free French Forces and first president of the Fifth Republic serving from 1959 to 1969.
Office of War Information, Overseas Picture Division.
 The image prefix (LC-USW3) at the Library of Congress image page matches that of pictures from the OWI collection (see prefix list here. – This image is available from the United States Library of Congress’s Prints and Photographs division under the digital ID cph.3b42159.
I have put this detailed photo information in because I came across this photo (before I went directly to the Library of Congress) on a website called Maritime Quest. These people constantly slap their copyright on photographs which are in the public domain. It is outrageous that they do this and it is simply a way to get their website mentioned. Any photograph which is released to the public taken by a photographer working for the US Government is immediately in the public domain and no one can copyright one of said photographs.
Royal Air Force ground crew “bombing up” a Vickers Wellington MkIII strategic bomber with a 4,000 pound “cookie”.
Prior to D-Day, the Allies wanted to bomb and keep bombing important French rail junctions to make movement on the railroads difficult for the Germans. Since railroad tracks are easy to repair, we had to keep bombing them over many months and bomb rail junctions all over France so as not to give away that we were going to invade in Normandy.
The Allies sought the permission of the Free French under de Gaulle to bomb these rail junctions knowing that many thousands of Frenchmen would be killed. Nonetheless, de Gaulle gave his permission. We bombed to many areas in France that it is hard to say exactly how many French civilians were killed in Allied bombing raids on just rail junctions.
I think the estimate which many historians use is 15,000 to 20,000 dead. Many more French civilians were killed in Allied bombings of German military installations in German occupied France. Nonetheless, the bombing of rail junctions was critical to the success of D-Day. It is worth noting that according to Anthony Beevor’s history of D-Day, more French civilians were killed by Allied friendly fire on D-Day than Allied soldiers.
While the efforts of the French Resistance are wildly overestimated, it is worth noting that not one train moved on the French rail network on 6 June 1944.
An excellent piece on the number of French civilians killed in Allied bombing can be found on the BBC website here. A British historian calculates 57,000 French civilians were killed by Allied bombing of France in WW Two. He makes some disparaging remarks about why we bombed certain French cities which subsequently were quickly taken by Allied troops which they could have done without having the city bombed.
I sincerely doubt the Allied combat soldiers who were in the front line moving into attack after the bombing would agree. Second, we were bombing German strong points in French cities. We weren’t bombing the French cities for the hell of it.
Interesting article on this subject from the BBC here:
It has been a taboo subject in France for 70 years but in his D-Day commemoration speech on 6 June, President Francois Hollande will pay tribute to the terrible civilian casualties suffered by the French due to Allied bombing up to and during the liberation of France.
Historians believe Allied bombardments killed almost as many French people as German bombs killed Britons during the Blitz.
Pvt Shanklin 501st PIR (parachute infantry regiment) of the 101st Airborne, and a German POW in a posed shot in Turqueville, on the road running East out of Sainte Mere Eglise.(caption and photo identification courtesy of WW2 talk forum US Airborne at Normandy)
On the Western front, the Germans and the Allies usually observed the major elements of the Geneva Conventions but sometimes the Americans along with British and Commonwealth troops shot German soldiers who were trying to surrender or who had surrendered. But many times in the heat of battle, both sides shot prisoners. We, that is the Americans and the British, did our fair share.
“Our tough first sergeant grabbed me and ordered me to take the SS prisoners behind the church and shoot them…They were too much to guard at this crucial point in the battle. He looked and me and said, “Now!”…I turned to the prisoners sitting on the floor and motioned them outside…
I walked them out the door and to the left around the building where I lost no time in firing a round into the back of the man nearest me. Both men dropped instantly…
I fired a round into the head of each one…went through the pockets of the dead men. I came up with several tins of sardines, cheese and hard biscuits that I stuffed into my pocket…”
The international laws of war in effect during World War Two had been formally codified by the Hague Convention of 1904 and three different Geneva conventions adopted at different times and covering different groups of people including mariners, sick and wounded, prisoners of war and civilians. All of these have been amended many times or have been mostly superseded by the Fourth Geneva Convention, adopted in 1949.
When you watch World War Two movies and the soldiers refer to the “Geneva Convention” they are referring to the Geneva Convention Relative to the Treatment of Prisoners of War of 1929. (All of these conventions were signed in Geneva, Switzerland as you might imagine).
The original copy of the first Geneva Convention, the first international treaty of its kind. The official name is the Convention for the Amelioration of the Condition of the Wounded in Armies in the Field”. It was adopted on 22 August 1864
German Landser, their term for GI or Tommy, captured by British troops on D-Day. It appears they are being marched to landing craft. They would have been taken to troopships offshore which had just debarked thousands of Allied troops and end up in the United States two or three weeks later.
Some German soldiers taken prisoner on D-Day, June 6th, 1944, were in the US PW camps within ten days. The term PW was used in the era instead of POW. The Germans were sent to American under an inter-Allied agreement that the USA would take most German POWs and the remainder would go to Canada.
There simply wasn’t room in the UK. Some German troops captured in the early days of the North Africa campaign spent most of the war in PW camps in modern day Sri Lanka, then the British colony of Ceylon. (Photo courtesy of Imperial War Museum).
US paratroopers of the 505th PIR (Parachute Infantry Regiment) of the 82nd Airborne Division advancing through the contested French town of Sainte Sauveur Le Vicomte the first days of the Normandy invasion.
American paratroopers were trying to advance down a road on D-Day in the face of withering fire from German machine guns. In fighting that morning, the Americans had taken 75 German POWs. They lined them up and forced them to march down the road toward the machine guns ahead of the American paratroopers.
“They (the American officers) were hoping the enemy wouldn’t fire on their own, but it didn’t make any difference to the men on the machine guns, and they opened up, drilling holes in their own comrades in trying to hit the American troopers.
The prisoners started screaming, ‘nicht schiessen‘ (don’t shoot) and leaped headfirst for the ditch, and possible escape, so we opened up on them too…before the shooting stopped they were all dead.”
“Shortly after the 45th Division hit the beach at Scoglitti, (during the invasion of Sicily) two of its men, a captain and a sergeant, in two separate incidents had lined up and and murdered in cold blood seventy-nine German POWs.
When I learned of these appalling incidents I at once reported them to Patton. I do not believe Patton fully grasped the gravity of the matter, or his moral sense had completely deserted him….he told me to tell the two men to certify that the dead men were snipers or had attempted to escape or something…. I, of course, disregarded those absurd instructions and general court martial proceedings were brought against the two men.
According to Harry Harry Cooper, owner of CEO of the U-Boat research organization Sharkhunters, some years ago a special panel of Bundesmarine officers headed by Flotillenadmiral Otto Kretschmer (who belonged to Sharkhunters) evaluated all the data from not only the German side, but also the data from the Royal Navy side that was not available during the war.
It was proven absolutely that U-47 sank herself with a circular running torpedo. According to logbooks, position reports and individual memories of veterans who participated in that convoy action, U-47 was on the opposite side of the battlefield from HMS Wolverine, making it impossible for HMS Wolverine to have sunk U-47.
This panel concluded that U-47 was sunk by a circular run of her own torpedo. So what was HMS Wolverine doing at this time? According to the findings of the group headed by Kretschmer, it was determined that HMS Wolverine was attacking *U-A commanded by Eckermann, whose KTB (logbook) recorded the beating they received in that area at that time, making it obvious that it was U-A and not U-47 under attack from HMS Wolverine.
This all happened in the North Atlantic seventy-five years ago.
Official Worldwide Publication of U-Boat History
*UA was a type VII U-boat being built for Turkey hence the designation U (unterseeboot) A (Ausland) or “foreign country.” The Germans kept it since war broke out but being Germans they had already named it so they didn’t change the very odd name.