Do you feel like you need someone on your side as a financial guide? As a business owner, it is my pride and joy to cater to everyone, no matter how much money they have. If you’re familiar with the financial advisory industry, you know this is not commonplace.
As an inclusive financial advisory firm in the Bay Area, we couldn’t be more passionate about leveling the financial playing field. At Humanity Wealth, we stand for economic equality, empowerment, and security.
If you seek financial freedom, it may help to begin with financial literacy—something most of us were not taught.
How to find a financial advisor if you’re not rich
Finding financial advisors without a minimum asset requirement might be a difficult task. Some financial planners and advisors prefer to focus on high-net-worth individuals and families with more wealth to manage because the payout may be more significant. Well, that’s not the case here at Humanity.
If your accounts, savings, and assets don’t total at least $100,000, you more than likely won’t qualify to work with most advisors out there. A large number of them may require $1M. So when you are doing your homework and researching, make sure you understand their assets under management (AUM) requirement.
In fact, use a list of helpful questions to help you determine this when you interview them! Remember, you are the interviewer, and they are the candidate to help manage your wealth.
At Humanity, you won’t be just another number. You are a purposeful individual aspiring to achieve your dreams, and we respect that. We, too, have a mission to make the world a better place by offering affordable financial planning to those who need it most.
What questions to ask a potential financial advisor before hiring them.
- What is the required minimum a client needs to work with you? Most have a set number.
- What type of clients do you typically work with? You want this to be similar to you or your financial situation.
- What services do you provide, and how much will I be charged for each? It helps to get this in writing.
- What is your pricing structure, and how are you compensated? This can be confusing since many have a sliding scale, so get this in writing.
- How will we communicate throughout our professional relationship? Be sure that this aligns with what you need and prefer.
- How often will I hear from you? This can set the stage for regular check-ins to ensure you are on track.
- Are you a fiduciary? This type of professional is upheld to a standard to put your best interests before their own.
- Will I have access to check on my portfolio performance at any time? Some advisors like us have online portals for easy access.
- What type of investing methods or strategies do you use? These vary per advisor, so have them explain it to you.
You should always know how much you pay and what you are paying for. View our completely transparent pricing—where there’s an option for everyone. We work with financial newbies to multimillionaires.
How to find a financial advisor that’s right for you
When looking for a local financial firm, ask about their size, credentials, expertise, if they specialize in the area you need support with, and office type. Since the pandemic, firms may offer virtual support. In our case, we do!
In fact, to provide affordable financial planning in the Bay Area and *beyond, we do this through a convenient monthly subscription, just like you pay for Netflix or Hulu.
Opt-in for our subscription-based financial planning that allows you to choose from any of these topics for ongoing support:
- Financial Planning
- Education Planning
- Retirement Planning
- Social Security Planning
- Estate Planning
- Insurance Planning
- Tax Planning
- Ways to Reduce Debt
- How To Build Credit
- Budgeting / Cash Flow
- Crafting An Emergency Fund
- Organizing Finances
- Large Life Events Funding
- Employee Benefits
- Investment Review
- Charitable Giving
The importance of having a financial plan in place
Anyone who has life goals to reach will benefit from financial planning. This serves as a wealth map to guide you through life, but it helps you avoid pitfalls, create better habits, stay on track, teach your kids, and stay prepared for unforeseen circumstances like pandemics and the resulting inflation. Financial planning can jumpstart your savings even with a small amount of money, leading to more rewarding investments and a healthy portfolio.
Logically, financially literate individuals may have more of an ability to achieve their financial goals. SAY YES to our subscription model for $50 a month to get financial help at your own pace! Since you are the economy’s heartbeat, you can potentially choose how you receive support to build your wealth.
Know your financial planning personality
There are typically six types of financial personalities. To start planning, it pays to know yourself in this way. You can also communicate this to the financial advisor that you choose to work with, so they can serve as your accountability partner.
- The Architect is a master of creativity and logic, imagining the future and designing solutions to make it happen.
- The Dreamer is the free spirit who shakes their head at those not living freely in the moment.
- The Improviser is generally self-sufficient with a deep desire for independence and doing things their way. This is commonly the DIY investor.
- The Maverick is not afraid to be bold and reshape the world instead of fitting in it. This tends to be more of your risk-taker.
- The Organizer loves categorizing and arranging their closet, personal finances, and calendar.
- The Philosopher seeks wisdom to make decisions and problem-solve.
Consider a professional financial planner
Hiring a professional financial guide can be one of the best financial decisions you make in your lifetime. Why? Because they will help you navigate your wealth over your lifetime, which can determine your quality of life and financial well-being.
You don’t have to be rich to get started, but having that goal in mind may help.
As a humble advisor who loves working with a diverse group of people, we encourage you to get the financial help you deserve. If you have any questions about our pricing, please reach out to our office. We look forward to getting to know you are your family very soon.