I received the question below, which is growing in frequency. The question can apply to individuals or families with a lower net worth and or those who simply need financial advice or prefer to manage their own investments. I hope this reply can help someone you know.
Question
“I’m curious if you have any recommendations for financial planners working with folks with a lower net worth. I want to start working with someone, but many financial advisors I come across exclusively work with people with very high net worth. I would love any recommendations you have!”
Answer
One of the fastest-growing segments in our advice industry is planning-only or subscription-based planning and advice services. While these are distinct models, both provide flexibility for clients at any asset level:
Planning-Only: Advisors create a financial plan or provide advice but don’t manage investments or maintain a retainer. They step in when adjustments are needed, with no ongoing relationship unless initiated by the client.
Subscription-Based: A recurring fee (monthly, quarterly, or annually) establishes an ongoing retainer. Advisors may or may not manage investments, focusing instead on continuous support.
Both models are accessible to many as they generally don’t require a minimum investment. This makes them ideal for clients seeking a jumpstart or long-term roadmap or who prefer to self-manage their investments.
Advisor directories to consider:
Garrett Planning Network: Typically, more experienced advisors offer balanced services and fees. This is a mature, more seasoned community—a few are a little out of touch. Many are serious fee-only planners, and many are Certified Financial Planners®.
XY Planning Network: Outstanding education for all advisor types, but many advisors are new but sound super smart. One question I see on these strings that drive me crazy is, “I have my first client … what should I do?” I would not want to be that advisor’s client! Filter for advisors with at least 5–10 years of full-time experience on this network.
Fee-Only Network: A hybrid of the two groups above, leaning closer to the Garrett Network.
Let’s Make a Plan (A CFP® only directory): All advisors are CFPs® held to a fiduciary standard, which the other groups are not. Use filters like "No Minimums" and "fee-only" to narrow your search. By the way, some advisors have affiliations with multiple organizations above.
I offer fee-only planning and advice, primarily for clients over age 50 with a net worth of $3M+ or investment real estate questions or concerns. We don't manage assets, leaving clients to do it themselves or with an investment manager they prefer. My focus on advanced planning and tax strategies often delivers significant value—multiples of 100x–200x plus potential improvement of the plan fee. Other advisors offer high multiples, too. If their value-add is heavy on investments, their multiples will likely be less. Value improvement for most will be in planning and advice, not investing.
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