Jeff Erdmann, Forbes' top-ranked US wealth manager, issues three warnings to millennial investors and reveals the strategy he uses with young clients.
says a few simple pointers can help millennials and other young investors avoid major mistakes as they decide what to do with their money.Forbes' list of the best wealth managers in America
Here's some additional context around the types of big hitters that rely on Erdmann's expertise: He requires a minimum account size of $2.5 million, and the households he represents typically place roughly $35 million under his care. In his mind, those investors have the situation backward. He says their smaller initial investments put them in a vulnerable position when it comes to absorbing huge losses.
"What a lot of new and young investors do is they often chase what was the hot trend in the last 3, 5, to 10 years," he said."I've yet to see a 10-year trend be the great trend for the following 10 years."
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