Wealthspire’s Zach Mangels helps Gen Xers plan so that they can simultaneously help support adult children, care for ageing parents, and cope with potential job loss.
5 min
Gen X families, including affluent ones, face a hornet’s nest of financial challenges, from helping out their adult children to providing care for ageing parents to managing careers in a perilous job market.
Zach Mangels, a senior vice president at Wealthspire Advisors in San Rafael, Calif., estimates a quarter of his clients are in the Gen X demographic.
“Mortgage rates are higher, carrying costs are higher, educational costs are higher, groceries are higher, eldercare is higher—all of that stuff eats into cash flow. And even people with higher incomes are feeling that,” says Mangels, 40.
Barron’s Advisor spoke with Mangels about the financial challenges facing his Gen X clients, people between the ages of 46 and 61.
Mangels touched on how he creates short-term plans for clients concerned about career setbacks, why he recommends boundaries for Gen X parents who want to financially support adult kids, and how he guides clients with ageing parents.
Typically, when you create a financial plan, you’re looking at long-range goals.
But now I look at more immediate needs because of the pressures Gen X families are dealing with.
For example, I see more clients whose children are coming back home after graduating from college, needing financial support for a much longer period of time than previous generations expected to receive.
If they need to support their child, I want to understand the nature of what the support will look like.
I have a client whose kids just graduated and whose majors don’t lend themselves to a high income right now.
They knew their kids would be coming back home after graduation and we talked about what the nature of their help would look like.
First we looked at their financial plan to see what kind of support they could provide and we defined the maximum amount.
Then we designed the support in a way that would be planned, explicit, and with purposeful boundaries.
That’s very important for the younger generation. Parents need to know how to help their kids without them becoming dependent.
The children need to have agency and to know they don’t have access to an unlimited piggy bank.
The clients had a conversation with their kids about what to expect.
The kids could live rent-free for three years, with a small stipend, an amount that didn’t disincentivise them from looking for a job.
In this environment, entry-level jobs are increasingly hard to come by, but any job that moves you closer to a career you want is worth looking at. In this case, their daughter got a job as an assistant to a personal shopper, which was related to the direction she wanted to follow.
I didn’t provide a ton of details to the parents with what exactly to say. But I coached them on the basics—having a clear, purposeful, intentional conversation and getting buy-in from their kids.
The cost of long-term care for seniors has increased dramatically.
One of the conversations I have with my clients is how they perceive their parents’ financial circumstances and to what degree they might have to provide a layer of financial support. My dad was in memory care for a few years and we paid maybe 15 grand a month.
My clients’ parents are usually relatively stable financially. But the most important issue is the use of the family residence to help provide support. A lot of people in California who have owned homes a long time have a lot of equity in those homes. That’s the ultimate backstop, the last line of defence.
Gen X is also dealing with career and income volatility. We’ve seen all the headlines about tech layoffs and the rise of AI. A lot of my clients work in the tech industry.
The conversations I have more frequently focus on clients’ concerns about their ability to continue earning at the same level.
We look at diversifying their equity component more quickly, getting it out of company stock, especially for those in tech.
For example, some clients at Amazon have restricted stock units they can sell periodically. But now they’re selling those (Amazon) stocks and then deploying the [cash into other equities] more slowly.
We’re hearing about how quickly AI is going to change things. For people in software on the front lines, they’re pretty anxious about it.
One client who works at Google told me he expected a lot of change with AI as the disruptive force.
A few companies will benefit, he feels. A lot won’t. So he’s actively selling his company shares.
Historically we would reinvest the proceeds as they’ve come in. But now he wants to slow that down. Hold cash a little bit longer and slowly deploy it.
His perception is that change is coming quickly. He doesn’t know what that will look like but it probably won’t be good.
In behavioural finance, we know you feel a loss much more significantly than you feel a gain. And he’s trying to avoid putting money in the market right before there is a big correction.
It’s super stressful. And as we go into 2026, especially in the tech sector and among those with high incomes, I see a lot of anxiety.
I have another client who works in finance, but the nature of his job moves with economic cycles.
He was laid off at the start of Covid and he’s getting nervous again. It’s a “vibecession” that a lot of people are feeling right now.
Over a year ago, we restructured where his investments are held, so that if he gets laid off and ends up spending his emergency fund, the next thing he’ll tap is a more conservative account we created.
It’s not that we took his overall asset allocation and made it more conservative. We just put more investments in this other account. It’s a matter of asset location and it gives him peace of mind knowing he has a fallback he can tap.
That strategy would be helpful for anybody today. The challenge is if you have accounts with a lot of capital gains.
My work with baby boomer clients often involves conversations about supporting their Gen X and older millennial children.
I’ve seen a lot of parents and grandparents of Gen Xers looking for ways to accelerate their generational wealth transfer, trying to provide assistance now when it’s more impactful on their kids’ lives.
For example, a baby boomer client was looking for ways to help her Gen X son, who is married with a child in middle school, but had started accumulating a lot of debt after he was laid off.
We worked together to model the level of support she could provide and how to structure the assistance so it wouldn’t impact her son’s sense of independence.
Ultimately, she decided on a one-time gift that would cover about six months of living expenses. I call this indirect Gen X planning.
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2 min
A new investment fund targeting celebrity-founded consumer brands has secured US$40 million in commitments and is rapidly approaching its US$50 million fundraising target, signalling growing investor appetite for alternative opportunities beyond traditional asset classes.
The Global Talent Fund, which has a maximum raise of US$100 million, focuses on building and investing in consumer businesses alongside celebrities, athletes, and influential personalities who play an active role as co-founders rather than simply endorsing products.
The strategy is based on the belief that changes in consumer behaviour, particularly the rise of social media and digital engagement, have fundamentally altered how brands are built and scaled.
GTF founding partner Jeremy Hunt, who is helping lead the fund’s strategy, said consumers increasingly feel connected to personalities they follow online and are more willing to support products developed by those individuals.
“Consumers are searching for content to engage with, and when a celebrity they like or follow takes them on the journey of creating a product or brand, they genuinely feel part of that process,” he said.
The fund is targeting high-growth consumer sectors including wellness, hydration, beauty and recovery, areas Hunt believes continue to benefit from strong global demand and ongoing innovation.
Rather than backing celebrity endorsement deals, the fund is seeking businesses where talent is deeply involved in product development, brand creation and long-term growth.
According to Hunt, authenticity remains one of the biggest differentiators between successful celebrity-backed brands and those that fail.
“The consumer can see clearly if someone is simply being paid to promote a product,” he said. “The winners are typically the brands where the celebrity has genuinely helped build the business from the ground up.”
The model has attracted support from several prominent Australian investors and business families, reflecting broader interest in alternative investments with global growth potential.
Hunt said consumer brands offered a level of tangibility that many investors found appealing.
“Consumer brands are what we touch, feel, smell and taste every day,” he said. “Our investors understand the growth potential in the model, but they also want to be part of the journey.”
The fund’s rapid progress towards its fundraising target comes amid growing recognition that celebrity influence, when combined with strong commercial execution and scalable business models, can create significant enterprise value.
With several high-profile celebrity-founded businesses generating billion-dollar exits in recent years, supporters of the strategy believe the opportunity remains in its early stages.
