In various financial surveys, people consistently express that having their financial house in order gives them confidence in life. And to achieve that, many recognize the value of paying for competent advice. A financial advisor can play a crucial role in helping individuals establish and prioritize financial goals, formulate an effective asset allocation strategy, implement savings and investment plans, and more. It’s the kind of advice that appeals to everyone, which leads to the question of how we can make accessible, high-quality fiduciary planning available to a broader audience?
One promising avenue is to collaborate with employers to provide independent fiduciary advisors to offer financial education and counseling to employees participating in employer-sponsored retirement plans. The majority of these individuals are everyday Americans whose primary source of wealth is tied up in their workplace retirement plans. They also require a trusted source to discuss their questions with, “Am I saving enough?” “What more can I do?” Just like more wealthy individuals, they want reliable guidance on their money matters.
In the coming years, fiduciary financial advice will become more accessible to the middle-class population in America. RIA fee structures are undergoing significant changes, making fiduciary advice attainable for more individuals. As a new generation progresses in their careers and builds wealth, there is a growing emphasis on receiving competent guidance. It’s important for each advisor to innovate and overcome obstacles to ensure wider access to their valuable fiduciary support.