Most advisors focus on wealth management for pre-retirees and retirees. It makes sense because they have money to invest. But what if you saw an opportunity to invest in a generation that no one was working with… a younger generation with limited funds, but with the drive to build impressive amounts of wealth with the right guidance?
That’s the gamble Douglas Boneparth, CEO of Bone Fide Wealth, made when he started his career in the early 2000s. He chose to invest in Millennials. Despite the negative stereotypes, he believed there was true wealth creation potential in his own generation.
Did the gamble pay off? Yes. Boneparth’s hardworking peers have been remarkably successful over the years and disproven the stereotypes. These people are no longer young kids metaphorically living in their parents' basement. They’re driven professionals in their late 20s through early 40s with children.
Boneparth’s vision is to continue working with this generation across their lives. At every stage of growth, their needs will change and Bone Fide Wealth will change with them.
A Family Business Poised for Intentional Growth
Boneparth’s wife, Heather, recently left her job as general counsel for a Fortune 100 company to work full-time at Bonafide Wealth as the Director of Business and Legal Affairs. The couple has been together for 20 years and had always dreamed of working together.
One of their shared projects was a book called, “The Millennial Money Fix.” Published in 2017, it provides a guide for high school graduates on important financial issues like college selection, merging finances in marriage, investment primers, cash flow, and other key topics that rarely get discussed.
Says Boneparth, “We didn't expect our book to be a bestseller, but we hoped to create something special. Writing together also proved that we could work well as a team, which is why we continue to work together today. Surviving the challenges of COVID-19 together has strengthened our bond even further.”
Their plan is to refine the business infrastructure for the next phase of growth, strengthen relationships, establish thought leadership, and grow their brand. They’re also the proud parents of two young children.
The Underserved Millennial “Niche” Goes Mainstream
Boneparth has been in the financial planning industry for 19 years, starting at a young age. His early entry into the niche market of Millennials positioned him as an authority and thought leader on personal finance issues relevant to them. However with a demographic that includes 40 million Americans, that market has become mainstream in recent years.
He’s a member of CNBC's Financial Advisor Council and regularly provides commentary in mainstream financial media. His unique blend of humor and practical advice have gained him ongoing respect as a media personality and brand recognition across the industry.
“As I get older, I notice that conversations with younger people can be vastly different. A 25-year-old and a 38-year-old may both be Millennials but have different interests and knowledge. It's amazing to see how technology and social media allow people to express themselves and embrace their identity. This is especially important for business as it highlights the diversity and individuality of people,” says Boneparth.
Keeping It Fun: Reaching Americans with Sound Financial Advice
Bonepath believes humor is important in life, even when dealing with difficult or sad situations. He plans to use his love of humor and understanding of short attention spans to create a weekly YouTube show that covers the top three narratives in finance, business, and the markets. He’ll also bring in guest speakers and experts to provide additional insights.
Fittingly, the show will be called, “Funny Money.”
There is also a second book in the works, an ongoing newsletter called, "This Is the Top," and other media opportunities to reach more people with sound financial advice.
Bringing A New Perspective to Kiplinger Advisor Council
Boneparth is changing the financial services industry by serving a generation that has been overlooked by traditional wealth management firms. Along with his wife Heather, he is breaking down stereotypes and empowering Millennials to take control of their finances.
He’s looking forward to contributing to Kiplinger Advisor Council and providing education and assistance to online readers about finances. “To be surrounded by other great professionals on Kiplinger Advisor Council who can help with my mission is what I'm looking forward to above all else," says Boneparth.