It's undeniable and glaring: the injustice that the majority of American households are denied access to holistic financial advice programs. A sea of service providers eagerly serve a mere fraction of affluent Americans, while the vast majority are left navigating turbulent financial waters with minimal guidance. This imbalance not only highlights a stark disparity in access to quality financial advice but also underscores a systemic issue we can no longer ignore.
Recent times have further exacerbated the financial stressors many face:
- Inflation's Strain With the rise in costs, daily necessities are becoming expensive, causing household budgets to stretch thin.
- Expensive Credit Card Debt Balancing expensive credit card debts has become a monthly challenge for many.
- Restarting Student Loan Payments Come October 1st, student loan payments are set to restart, adding another layer of financial pressure.
If you're sitting there thinking, "Where do I even begin to seek help?" - you're not alone. Tens of millions of households echo your sentiments and anxieties. The majority can't pinpoint a service provider that offers a holistic program where they get access to valuable advice, coupled with the actual implementation of these recommendations.
The Service That Affluent Get
On the other hand, for the top 15% affluent households, the narrative is very different. Their options are vast, with easy access to:
- Private banks
- Wealth managers
- RIAs (Registered Investment Advisors)
- Family offices
- Wirehouses
These institutions employ over 300,000 financial advisors spread across 14,000 firms, ready and waiting to serve those with $100k+ of investable assets. This means potentially serving a mere 20M households (only 15% of all households). If your asset level fits the bill, doors open wide.
When working with a financial advisor, the affluent get advice and a plan from a Certified Financial Planner. After making recommendations, the advisor then helps them implement the plan so that the client can focus on the many other important things in their life. In others, they get the insight, they take action and then they can move on knowing things are in good order!
What The Rest of The Country Gets
For the 85% who don't meet this threshold, the journey is fragmented. Expert financial coaching and implementation stand apart. Only two minor groups might consider offering their “coaching” services to the other 110M households in the first place:
- Hourly financial advisors (around 30,000)
- Financial coaches (about 10,000 at best)
Secondly, these professionals explicitly do not manage implementation for the financial goals that are most relevant: debt management and short-term savings. For the actual implementation, many are left to their own devices, navigating through traditional banks, lenders, or insurance brokers who offer limited advice.
Even the modern robo-advisors set a high bar, often only offering access to a financial advisor when you have at least $25k-100k to invest.
A Budge Coach is Here to Help!
As the daunting reality of student loan payments restart approaches, the time to act is now. Don't let your financial well-being hang in the balance. Reach out to a Budge Financial Coach today for a free consultation and pave the way to a more secure future.
Schedule a Call Now: [Click Here to Schedule a Call]
Remember, you are not alone on this journey. Budge is here to be your guiding light, offering support, and solutions, and a coach that understands the challenges you face.
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