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Subscription-Based Financial Planning Can Create More Options

Subscription-Based Financial Planning Can Create More Options

18 Jul 2022
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Historically, financial advice has been out of reach for most Americans because financial advisors without a minimum asset requirement were unheard of. A vast majority of advisors still require a minimum account balance to work with them, putting their services beyond the reach of many people. Embracing a new option of the subscription fee model gives clients a viable way to gain affordable financial planning. 

In recent years, some advisory firms, like Humanity Wealth Advisors, have begun offering financial planning on a subscription basis. A monthly payment gives you access to the same personalized level of service as traditional planning at a fraction of the cost. 

While every person will have different needs when it comes to financial planning, a monthly subscription can provide value to many people, regardless of where you are in your retirement planning journey.

This article will explain why and how you can get the financial help you need, no matter how much money you have. Subscriptions offer: 

 

Why is traditional financial advice not accessible to everyone?

Due to the industry standard costs associated with traditional financial advice, advisors have required clients to have at least a certain amount of money in order to work with them. It’s not uncommon to be rejected or denied help if you don’t meet that minimum. White happy couple smiling and using cellphone during car trip outdoors

  • What about ongoing support? 
  • How much does it cost for monthly access to a professional who can help you navigate a complex financial situation? 
  • More importantly, how many people can afford these fees? 

The reality is that financial services have traditionally been too expensive for average U.S. citizens to pay outright. As such, they have often been unable to access them at all—but now that’s changing thanks in large part due to one key innovation. The subscription model at Humanity Wealth helps create affordable financial planning in the Bay Area to everyone, and in multiple states.

 

How is financial planning on a subscription basis helpful?

It’s important to understand that financial planning is not a one-time event. It’s a lifelong process that requires regular attention and guidance. For example, if your goal is to save for retirement, you can’t put your money into an investment vehicle once and then forget about it. Rather, you must continually evaluate how much progress you are making towards your goal by monitoring its value over time.

If financial planning were viewed as an ongoing service rather than as an annual review or assessment, clients could have more opportunities to engage with their advisor throughout the year while they work towards their goals – rather than simply being asked each year whether they still want the same things out of life.

Subscriptions offer choice, flexibility, and convenience to clients who may not be able to afford full-service financial planning.

Let’s say you only want help with tax planning to make sure you are staying with a certain tax bracket to avoid paying higher taxes. In that case, you can sign up for a monthly subscription plan to start there. If you are family planning and or getting married and need help getting organized with your budget and finances, you tell us what you need. 

In other words, you run the show, ask us your financial questions, and we serve as your guide on an as-needed basis.

While every person has different financial planning needs, a monthly subscription can provide value to many.

Close up rear view of female employee have webcam virtual digital conference with male colleague on computer. Woman talk on video call with coworker, engaged in online team meeting on laptop.The subscription model allows you to pay a small, monthly fee for financial planning services. At Humanity Wealth this is $50 per month, an excellent choice for people who want more flexibility in how they manage their finances but are unable to afford a large lump sum payment upfront. 

As you can see, a benefit is that subscriptions offer predictable costs. You know exactly how much it will cost every month rather than having to guess what an annual retainer would cost in order to cover quarterly billings or spend hours researching alternatives on your own.

The subscription model also helps consumers find the right financial advisor for them based on their specific needs and goals. With each new month comes new information and circumstances that can change the course of your life—this is why it’s important to have access to professional advice whenever you need it!

Whether you are hundreds of miles away and need to meet via video conference, on the phone, or prefer in-person meetings, we are available via any avenue to connect with you.

The monthly subscription model is an affordable way of getting help managing your money.

A common misconception is that a financial advisor needs to charge a high fee in order to be successful. However, there are ways to offer services at a lower rate without sacrificing quality or value. Subscription-based financial planning allows you to budget for your financial planning needs every month, making it far easier on them financially than paying hourly rates. 

We have a pricing plan to meet all needs and preferences.

This option also enables us to build stronger relationships with each of our clients, because they feel like they’re being cared for over time rather than just having one meeting with you before moving on (and potentially forgetting about everything). Keep in mind that this subscription plan can also serve as great gifts for people you care about!

 

Are you ready to have a financial professional on hand as needed?

Consumers today want choice, flexibility, and convenience, and subscriptions offer a way to potentially achieve those goals. Know that there’s an affordable option for you if you can’t afford full-service financial planning, but still want that support from a firm that is striving to level the financial playing field. 

While everyone has diverse financial planning needs, a monthly subscription can provide endless value, and well into your retirement. When you think about the cost of hiring a professional advisor, it’s hard to argue with the benefits. Reach out to Humanity Wealth Advisors to get on the right financial path. 

You deserve all the support in the world and have it here with our valued team of financial advisors in the Bay Area. Subscription-based financial planning may be the future of personal finance.

 

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More about the author: Harry Sherdil
As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.
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