Americans love the concept of the middle class. It defines people who have a home, a car, a good job, take a yearly vacation and plans for retirement. But millions of people may be neglecting their financial welfare because they think of themselves as middle class, and not “wealthy” enough to need financial planning. Nothing could be further from the truth.
The middle class have doctors, they have lawyers prepare their wills, take their cars to be serviced by mechanics, yet somehow they believe that they don’t need or can’t afford professional financial guidance. Unlike doctors, lawyers and mechanics financial guidance is designed to make you money rather than cost you money and the fees are usually less than that of other professionals.
They may not be aware that the new RIA (Registered Investment Advisor) model includes a large number of professionals who are fee-only and don’t sell products to get commissions.
They may not be aware that RIAs provide a broad range of advice from tax planning, retirement planning, estate planning and more. We even wrote a book about it.
They may not be aware that RIAs can be a crucial aide if the client has to go into a nursing home, or when a widow is left alone after her husband has died.
Advisors naturally want to attract wealthy clients, and to that end, many market their services with a subliminal promise of leisure and luxury. But there are a lot more in the middle class and they deserve the same kind of skilled guidance that the rich get. You can’t afford not to.
Investment Views 