Most Millennials who work with a financial advisor reach an "Oh, s&*#!" moment that prompts them to reach out for help. A meaningful life change or even just an argument at home typically are what prompt Millennial parents to actually start the process. But even then, they may have so many questions about financial planning. So I've written my responses here to the best questions to ask a financial advisor, whether you're speaking with me or someone else.
Most Millennials who work with a financial advisor reach an "Oh, s&*#" moment that prompts them to reach out for help. But even then, so many questions about financial planning may remain. I hope my responses here to the best questions to ask a financial advisor will help you in your family's search.
Awards
"Best financial advisor for millennials"
Business Insider
"40 Under 40" Class of 2021
InvestmentNews
"Top 100 Financial Advisor in the U.S."
Investopedia
"Best of D.C." Money Management Services
Washington City Paper
"Top Financial Advisor"
Washingtonian
Awards
"Best financial advisor for millennials"
Business Insider
"Top 100 Financial Advisor in the U.S."
Investopedia
"Top Financial Advisor"
Washingtonian
I take a time-tested, research-based approach to investing. I'll never pretend that I can pick which companies or industries who will grow fastest. Here's what we do instead: minimize your costs. Align your investments with when you plan to use the money. And make sure your savings can grow from whichever companies outperform. Ultimately, then, your returns benefit from exposure to the entire stock market. Over time, as different companies in the U.S. and abroad grow, you'll be in a position to build your wealth.
#3: What investment philosophy works best for most young adults?
Are you ready to Take Control of Your Financial Future?
I'm a fee-only financial advisor. I don't have any products to sell and I don't earn any commissions. Illumint clients only pay a fee for the financial planning services they receive. You can learn about Illumint's pricing here.
#2: How do financial advisors for Millennials get paid?
No, but Illumint does. As a Certified Financial Planner, I'm held to a strict standard of fiduciary duty. I must always put my clients' interests ahead of my own.
#1: Do all financial advisors in Washington, DC act as a fiduciary?
Illumint offers financial planning for Millennials. I welcome Millennials from all backgrounds and in all financial circumstances. More specifically, Illumint specializes in inheritance advice for Millennial women. As our parents get older, more Millennials must confront the sadness, stress, and guilt that can arise from inheriting money. But an inheritance also offers opportunities, which I help clients make the most of.
#4: What do you specialize in?
Yes. I'm a Certified Financial Planner (CFP®), which is the most rigorous credential that the financial planning profession offers. I also hold a Series 65 license, which government regulators require to practice financial planning. And I received an undergraduate business degree from Georgetown University and an MBA in finance from Georgia Tech. You can learn more about my background here.
#7: Should I insist on working with a certified financial planner?
I'm not sure. I don't think it makes sense, either. But you can find Illumint's fee details on the my dedicated fee page. Remember, too, that I'm a fee-only financial advisor.
#6: Why don't more financial advisors put their Fees in writing?
No. Illumint is based in Washington, DC, but Kevin Mahoney, CFP® works virtually with Millennials across the country.
#5: Do I need to live in Washington, DC to work with Illumint?
Are you between the ages of 25-45? Has your savings grown in recent years? Are you trying to improve how you and your partner manage your finances? Have you received or are you expecting an inheritance? You don't need to check all of these boxes. But if you said "yes" to any of these questions, then most of my clients are like you!
#10: How do I know if I'm a good fit for Illumint?
#9: What services does financial planning for millennials include?
From my perspective, any aspect of your life that touches your finances should be fair game as part of comprehensive financial planning for Millennials. So of course, we'll work on tax planning, retirement planning, insurance planning, and estate planning. But let's not forget other important financial topics to you, like child care, housing decisions, college savings, and inheritance advice.
The best way to make you feel comfortable about investing you specifically depends on when you think you may want to use your money. Retirement, for example, demands a different asset allocation than a college tuition bill two years from now. In all cases, we will diversify your investments as much as possible, often using total stock market index funds.
#8: What if I'm a little nervous about investing my savings?
Reviews
"Thanks to Kevin's advising, I now feel more confident and knowledgable making financial decisions for my family."
– Meg M.
(31)
"Kevin is calm, non-judgmental, and excellent at asking questions that help you drill down to core goals."
– Laura F.
