08.05.23

If All You Want Is Money, These Financial Advisors Might Say ‘No Thanks’

by: Joe Pinsker

Financial advisors say the number of conversations with clients that address personal values, life goals and well-being are increasing, and some are taking stock of their own professional lives and questioning if there is more to work than just enriching wealthy clients. For example, Elliot Dole, an advisor at Buckingham Strategic Wealth who works with clients with net worths ranging from $3 million to $100 million, has in the past few years started to turn away potential clients if they show no interest in donating some of their money. Sarah Behr started her own firm in 2017 after stints at large banks working with clients whose net worths ranged from $10 million to $300 million. Helping that group grow their wealth wasn’t fulfilling, said Behr, the founder of Simplify Financial Planning in San Francisco. About 35% of advisors work primarily with clients who have $500,000 or less in assets available to invest, Cerulli Associates estimates. Some 19% work with those who have $2 million or more.

Read the full article on Wall Street Journal