How to Find a Financial Advisor if You’re Not Rich

How to Find a Financial Advisor if You’re Not Rich

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IF YOU THINK ABOUT IT, the people who need a financial advisor are the ones who can’t afford one. If you’re impoverished or firmly in the middle class and can’t seem to make it to the next level, you’re the one who could really use financial advice. If you’re wealthy, you know what you’re doing.

Yet many financial advisors simply aren’t interested in working with the middle class. Many firms in recent years have stopped paying commissions to brokers for accounts that are considered small, including accounts ranging from $100,000 to $500,000 in assets. Firms that do take less than those minimums sometimes charge as much as 2% in annual fees, though 1% is more typical.

So what should a middle-class investor do to find a good financial advisor? Experts recommend following these tactics.

Read more at US News and World Report

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