How Much Money Do You Need to Get Good Retirement Advice?

How Much Money Do You Need to Get Good Retirement Advice?

If you’ve ever heard someone say, “If you have to ask how much it costs, you can’t afford it,” they were probably talking about some expensive toy or knick knack wealthy people (or people who want to seem wealthy) buy. Unfortunately, though, many people believe that expression also applies to investing advice. A recent survey of Americans shows that 63% of those who have never consulted an investing advisor put it off because they think they need thousands of dollars already saved just to schedule an appointment. More than half believe an advisor’s services will cost more than they can afford. The truth is personalized investment advice isn’t something only wealthy investors can take advantage of. Great advice is available no matter how much you have saved or how much you have to invest if you just know where to look. Myth #1: I Need at Least $50,000 to Even Get an Appointment With an Investing Professional It’s no surprise that most people believe the price of entry to simply meet with a financial advisor is out of reach. Some advisors do require their clients to have five- or six-figure account balances before they’ll do business with them. At a time when most people have less than $25,000 saved for retirement, it’s easy to assume you’re on your own to build up your balance to “advisor-worthy” levels. The amount of money people assume they need to work with an investing advisor. Even automated online investing services, also known as robo-advisors, often require large initial investments or have high minimum balance requirements. That seems like a lot to ask for...