The wealth management industry has traditionally catered to retirees and near-retirees, often overlooking younger professionals who are building wealth rather than preserving it. Levi Pettit sees this as a significant opportunity.
At Dornick Wealth Management, the client base spans multiple generations, from next-generation wealth builders in their 30s and 40s to high-net-worth individuals preparing for succession planning.
“We work with all types of clients from next generation clients who are in the early earning phase,” Pettit explains. “They’re in their 30s or 40s, maybe they’re just starting families.”
This demographic focus reflects Pettit’s recognition that financial planning needs vary dramatically across life stages. Younger clients face different challenges than traditional wealth management clients: student loans, home purchases, family planning, and career development.
“Maybe they’re really starting to think about whether it’s, ‘Do I need life insurance?’ ‘I just bought a home, I just had a kid. Do I open a 529 or not?'” he notes.
The experienced advisor’s approach to serving younger clients differs from traditional models. Rather than focusing solely on retirement planning, Dornick addresses immediate financial decisions that impact long-term wealth building.
“How am I going to pay for college or save for college? What does all that look like?” Pettit asks, highlighting the practical concerns that drive younger clients’ financial decisions.
This multi-generational approach extends to communication and service delivery. Younger clients often expect different levels of technology integration and accessibility compared to older generations.
“Everybody essentially carries a computer in their pocket these days,” Pettit observes. “It’s very important to us that we are using tier one technology for our clients.”
The firm’s emphasis on comprehensive financial planning particularly benefits younger clients, who may be encountering complex financial decisions for the first time. Dornick’s systematic approach helps clients navigate these choices with confidence.
“We want to make sure that our clients want a concierge level type service,” Pettit states. “They see the value in what we offer.”
This forward-looking strategy positions Dornick to serve clients throughout their wealth-building journey, rather than simply managing assets accumulated elsewhere. For younger professionals, this means establishing relationships early and evolving services as their needs change.
Follow Levi’s perspectives on wealth management trends and next-generation financial planning strategies.