I know what you’re thinking reading a sensational headline like that. Punk Rock didn’t bring you to finance, you just sold out. While this is an understandable conclusion, and one that I would have easily come to myself, I can assure you that there is much more to the story. To the untrained eye, these two ways of life run in distinct opposition, but without Bad Religion songs and perfecting my childhood mohawk, I wouldn’t be capable of helping people the way I do today.
For decades, the ethos that defines punk rock has been grossly misconstrued by television, 80’s Hallmark movies, and baby boomer parents. If one were to take a quick look an any punk portrayal since the 1970s, they would write off the subculture as dirty, nihilistic, and mostly clueless. This is easy to do when mainstream culture defines punk rock as dirty leather jackets, spiked hair, and kids angry at their dads. If you grew up listening to the music, hanging out in the dingy clubs, and idolizing the bands like I did, you would see that the angry and clueless narrative is at best laughable, and at worst offensive. Punk culture to those that lived it, or even admired it from afar, has very little to do with ripped clothing, and a hell of a lot to do with values, choices, and absolute preparation in every aspect of life.
So how did I transition from Doc Marten boots into helping clients plan for their futures? The answer is less of a jump than you may think. I was branded as a “millennial”. A dirty word that has become analogous with adjectives like lazy, entitled, and unprepared. The long-winded op-eds, news pieces, and television specials we have all endured have labeled myself, my friends, and my generation about as useless as the ragged punks lambasted in decades prior. We were conveniently written off as dumb and incapable the moment we tried to pull ourselves up by bootstraps.
As a 12-year-old learning about bands like the Clash and Minor Threat, it became very clear that these people had something very poignant to say, and I was eager to hear it. While the ideologies of punk heroes like Joe Strummer and Ian Mackaye would not be considered even remotely similar, the inherent philosophy of those I idolized was always consistent. “Read the fine print, prepare, question everything, and DO IT YOURSELF.” My world became a lot bigger because of people like Henry Rollins. I was introduced to writers, philosophers, and world views that were conveniently left out of my public-school curriculum. I devoured everything I could, and without coming off as completely cliché, learned to think for myself.
I firmly believe that if a historian were to judge millennials 100 years from now solely on magazine articles, the judgment would go something like this: “Their level of debt rivaled their level of education, they couldn’t hold a job longer than a year, and they all lived in houses made out of avocado toast.” While that may seem humorous now, this is the type of oversimplification that the preceding generations seem determined to brand us with like a bad tattoo. It is just easier to blame our shortcomings on vapidity, while conveniently overlooking the fact that our generation’s playing field looks dramatically different from the one that allowed our parents to buy houses on single-person middle-class incomes. We know it, they know it, and yet we’re still reprimanded for our supposedly poor choices like it was us who inflated the housing market and college tuition to epidemic proportions. Do not pass go, do not catch a god damn break. Punk rock will be remembered for its green hair more than its accomplishments, and I refuse to allow my peers to be remembered for expensive coffees and a lack of financial literacy.
The truth is much different than the Wall Street Journal may imply. Millennials moved to cities, became entrepreneurs, and began changing the world. We did all of this while defying traditional roles AND eating overpriced avocado toast. Under the guise of failure, we continued to learn and actively prepared for opportunities that came our way. Personally, things like music and skateboarding were devices more than activities, and the catalyst for my world view in adulthood. These devices defined me. Punk rock taught me discipline that came without a coach or a court. It proved that if you stuck to something and gave it the right amount time, you could one day achieve success. As an adult that philosophy has helped me guide clients in their finances and plan for the years ahead. Friends and colleagues took the DIY mentality even further, using it to build booming companies and world-renowned brands. The nuclear family and white picket fence were still a goal for many, but we crawled to it in the cheapest apartments we could find.
My transition from punk to planner was seamless once I learned the difference between the world of independent advisory, and the broker most synonymous with managing money. The financial advisory business has long been defined as a snake oil sale in an expensive suit. A sleek way to rip off main street and line their own pockets. While this was true in the past, the independent advisory business has uprooted that dynamic and focused on providing transparency and tangible solutions for the communities in which we serve. This provides for a business model that is compensated on the quality of our advice, not transactions. We are no longer defined by the mutual fund kickbacks and asinine expense ratios brokers long used to fatten their paychecks. Through leaps in financial technology, the financial planning practice has been redefined as an industry that truly helps clients achieve their goals.
My job as an independent advisor has freed me from the product sales that have shackled advisors in the past. I am not conflicted by lofty sales goals that create a grey area when it comes to client fiduciary duty. My career now definitively consists of educating clients and empowering them to make the best possible financial decisions they can for themselves and their families. My choice to work with young people has also highlighted a disconnect in the financial services industry. Young people do not want to be told what to do, while my job is to give advice. This means that when I am offering solutions to my clients, I am doing so with a deep knowledge of their history, goals, and tolerance towards risk. This rarely means telling a client to “fund a Roth IRA” or “save 10% of every paycheck you receive.” Those rules are antiquated, and for some, not feasible. My job is to listen, learn, and give the best advice I can. It may mean simply educating a successful, young entrepreneur on what a retirement plan actually is. This is not because my clients are uneducated or apathetic. It usually means that the client has focused their entire being on becoming REALLY good at something they love. The thing they love has paid off, and now they have come to me to make sure the proceeds are not squandered. Dealing with my peers has taught me that they WANT to learn when offered. They have no interest in paying fees and going on financial autopilot. More times than not, when a young person sees the bigger picture, they will end up funding that Roth IRA. My job as an advisor is to articulate that bigger picture.
Looking at the example above, it is very easy to highlight the difference between how a young client, in comparison to an older client, will respond to suggested information. Both will fund their retirement accounts, taxable accounts, and savings accounts, but my young peers won’t leave the office without knowing the components of the plan presented, and WHY it should matter to them. This due diligence creates long term relationships with people who tend to hold steadfast in the face of market uncertainty. They knew their goals when they walked into my office, and they will stay the course until their lives necessitate adaptation. This is the key to understanding my generation, and one that creates a disparity between older advisors and younger clients. Young people don’t accept advice just because you have the credentials to give advice. Show them why it matters and you will gain their trust. Tell them why it matters and they will get up and leave. I have a strong feeling the musical countercultures many of us grew up tied to helped create a sense of healthy skepticism.
I’ve spent years watching my friends work day and night on projects that inspire them. I’ve watched my millennial counterparts go from being able to just barely pay their student loans, to being able to save the money necessary to build a future. This wasn’t luck, this was dedication and preparation. Inspired and in response to their tenacity, I was able to take the unspoken rules punk rock taught, and create a career serving those around me. It took years to learn the financial industry, build a business, and become a Certified Financial Planner. With my experience, I am now able to guide a generation completely written off by what seems like everyone. Mundane concepts like savings strategies, emergency funds, and Roth IRAs may not be the sexiest things in the world, but I can assure you that my clients who have helped redefined industries like fashion, music, and art, are more than receptive when it comes to their goals and hard-earned income and assets.
Don’t let those older generations write young people off. None of this came easy to us. The game has changed and the rules are no longer in our favor. As adults, we hustled our way to achieving things that were a walk in the park to the generations before us. Saddled with debt, we have begun to save. Burned by a financial crisis, we have entered the financial markets. Written off by previous generations, we have changed the world and financial services for the better. Put on a Misfits record, write down your goals, and diversify your portfolio.
Dollars and Sense 