Seeking financial advice? There's a monthly subscription for that, too. Some financial advisors are adopting a subscription fee payment schedule in order to bring on young clients who are still accumulating wealth.
div > div.group > p:first-child"> The same payment model that you use to cover Netflix and Spotify each month has arrived to the world of financial advice.
The new subscription fee replaces an advisory fee of 0.28%, which was charged against the assets clients invest in the program. Clients need to have at least $25,000 to invest in order to participate. Individual financial advisors are also offering subscription-fee planning — and you can get it without a huge nest egg.
However, as the cost of investing has gone down — for instance, Fidelity launched its zero-fee funds last year — investors want advisors to justify their fees and provide more value than just their investment prowess. That guidance includes budgeting, understanding employee benefits and investing in your 401, as well as advice amid major life changes, including marriage, having a baby and paying for college.For instance, financial advisors who are part of XY Planning Network don't require clients to have a minimum level of assets in order to work with them. They may charge a start-up fee, along with a monthly retainer fee.
• Vet your professional: Dig up your advisor's details on the Securities and Exchange Commission's website, as well as the Financial Industry Regulatory Authority's BrokerCheck page. These sites provide details on disciplinary actions, state licensing and years of experience.
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