Insights | 07.08.20
How Can Financial Advisors Serve Clients With Fewer Assets?
A May survey by financial technology firm SimplyWise found that 20 percent of respondents said they would likely make withdrawals from their 401(k) accounts sooner rather than later. The survey of 1,070 Americans also found that one in three saved nothing for retirement in the past year. While there is a perception that financial planners can help all Americans prepare for retirement, that's not always true. For starters, a comprehensive plan can cost upward of $1,500. Often, it costs much more. That locks out many people who want help but can't afford the fee. Planning can also be a tricky business model for advisors. A comprehensive plan entails much more than a budget or investment strategy. Instead, it includes a deep dive into assets, insurance, estate planning, portfolio withdrawal rates, future income, retirement strategies, and much more.
Read the full article on U.S. News & World Report.