Am I Rich Enough to Have an Advisor?

I’ve heard this question before from people looking for financial help. In some respects, it is our fault as advisors that this question even comes up in the first place.

Clients often tell me that when they speak with a prospective advisor, they inevitably hear, “Well, I’d love to help you, but you don’t meet my minimum asset level. Sorry.”

This is unfortunate because many people want—and need—financial advice. It’s also unfortunate because many advisors entered this profession in the first place out of a genuine desire to help others.

At the same time, I understand the thinking and practicality on the advisor’s part:

“I’ve been in this business for several years, I have more clients than I can effectively serve, and I need to establish a minimum asset level so I can work with fewer clients who have more complex needs. This will allow me to use my time and resources more efficiently.”

And that may be true. The unfortunate side effect, however, is obvious: People who fall below that minimum can be left without access to financial planning and investment guidance—often when they may need it most.

Finding an Advisor Who Fits Your Needs

The good news is that there are firms that work with clients without requiring a minimum level of investable assets. However, I encourage people to evaluate these firms carefully.

Take time to understand how the organization is structured, how the advisor is compensated, and what may incentivize their recommendations. Consider asking questions such as:

• Does the advisor have sales quotas?

• Are there specific products they are expected or required to sell?

• How is the advisor compensated?

• Will the advisor act as a fiduciary when providing advice?

• Are there minimum fees or other costs you should understand?

If you need financial planning without investment management, consider seeking a fee-only planning firm or a fee-based firm like ours that can work with you on a planning-only basis.

If you need investment management, our practice does not require a minimum level of investable assets to begin a relationship. Instead, we take time to determine whether the relationship is a good mutual fit and move forward from there.

We do have a minimum fee for full, comprehensive financial planning. However, this often does not become an issue because the scope and complexity of the planning typically vary based on each client’s needs and circumstances.

Even if you have only $1,000 invested, that does not mean financial planning has no value for you. We will work to provide a level of planning appropriate for your situation and needs.

We are also independent, which means we do not have sales quotas or specific products we are required to sell each month. This gives us the freedom to evaluate solutions based on each client’s individual needs, goals, values, and circumstances.

We believe thoughtful financial guidance should help people become more intentional stewards of what God has entrusted to them—regardless of where they are starting.

Start Where You Are

As for where you are financially today—and whether you need an advisor—I like to say:

“You are where you are. Let’s start from there.”

If we don’t know where we are or where we’re going, any road will do. But that isn’t how we want to approach your financial future.

The pressure is off. You’ve already made one of the most important decisions: deciding to take a closer look at your financial life.

Now, let’s roll up our sleeves and get to work. We’ll figure out where you are, identify where you want to go, and begin building a plan designed to help you move forward.

Wondering Whether Working with a Financial Advisor Is Right for You?

You don’t have to reach a certain level of wealth before asking for guidance. Schedule a complimentary discovery meeting with us to discuss where you are, where you’d like to go, and whether our approach may be a good fit for your needs.

Have a blessed day, and I hope to talk with you soon!