If you are in your 20s or 30s, chances are you have tried to hire a financial advisor but were turned down because you didn't meet the "minimum asset threshold"...in other words, you didn't have $1 million to invest. So then you wonder, as a meager young professional, how can you get affordable, quality advice?
Enter the Fee-Only Planner
Amanda over at Young and Broke writes about a recent article in the Wall Street Journal which details the financial industry's recent shift towards working with clients in their 20s and 30s.
From the Wall Street Journal:
First, recognize that your concerns about a 401k, Roth IRA, Credit Card debt, and Emergency Savings are very common. Nearly all young professionals go through a period of anxiety and self-doubt as these critical financial components are established and funded.
Finding the Best Advisor
A good financial advisor will sit down with you for a free introductory meeting in order to learn more about your goals and objectives. If you are unable to find an advisor who will help you (and your meager assets), then search for a Fee-Only planner who is affiliated with the National Association of Personal Financial Planners (NAPFA). Many work on an hourly basis and pledge a fiduciary duty to clients. NAPFA advisors are held to the highest ethical standards in the financial planning industry.
Enter the Fee-Only Planner
Amanda over at Young and Broke writes about a recent article in the Wall Street Journal which details the financial industry's recent shift towards working with clients in their 20s and 30s.
From the Wall Street Journal:
"Many people in this age group, launching careers and starting families, are looking for a wide range of financial advice. Among other things, they need help investing in their first 401(k) plans, saving for a house, understanding insurance needs and managing debt and budgets. For savers with modest assets...a fee-only planner is generally the best match. These planners only sell their time...and don't pitch products tied to a particular company...it minimizes the potential conflicts."What Should You Do?
First, recognize that your concerns about a 401k, Roth IRA, Credit Card debt, and Emergency Savings are very common. Nearly all young professionals go through a period of anxiety and self-doubt as these critical financial components are established and funded.
Finding the Best Advisor
A good financial advisor will sit down with you for a free introductory meeting in order to learn more about your goals and objectives. If you are unable to find an advisor who will help you (and your meager assets), then search for a Fee-Only planner who is affiliated with the National Association of Personal Financial Planners (NAPFA). Many work on an hourly basis and pledge a fiduciary duty to clients. NAPFA advisors are held to the highest ethical standards in the financial planning industry.
Labels: Degree_Rich/Money_Poor