I have clients in their 80’s and clients in their 20’s and everyone else in between. Our fan base on the podcasts and video channels skews younger. Our multi-millionaire clientele skews older. I sit in between and speak to both audiences, probably more than most FAs in the industry. So I have some perspective on the idea that the investment markets have undergone a “changing of the guard” so to speak.
I think we’ll look back on 2020 for a lot of reasons but one of the most important ones will only become apparent to us with the passage of some more time. I think it will be looked back on as the year the Boomers finally ceded control* over the stock market to the next generation. Actually, the next next generation – us Xer’s never really wanted it bad enough to have done with Gen Y is currently doing, remaking everything in its own image.
I wrote an essay about this topic for the print edition of Fortune Magazine, which dropped today. It’s the annual 500 issue in case you see it on the stands somewhere. Or, you can follow this magic link and read it for free without a subscription:
* nobody actually controls the stock market, not even the Fed, so permit me this figure of speech