InvestmentNews Article: Do you care about the mass affluent?
We began Allworth Financial (formerly Hanson McClain Advisors) with the goal to serve the folks we called the “mass affluent.”
We quickly found that these folks, people with perhaps a few hundred thousand dollars saved for retirement, were not only hungry for honest, straightforward financial advice, but that they were being almost completely ignored by most advisors.
With over $8 billion in AUM and some 12,000 clients, while we work with lots of higher net worth people, we’ve also worked hard to keep our business model flexible and capable of servicing a sector of the population that we believe benefits the most from professional advice.
Here’s why we have no plans to stop doing it.
From the article:
Our industry doesn’t give a damn about the mass affluent.
You know, those hard-working, middle-class Americans who have “just” a few hundred thousand saved.
As financial advisers build their books, just about everyone tells them that the way to be successful is to work with wealthier clients. Rather than developing a business model that can serve the smaller clients, advisers simply increase their minimums.
Scott Hanson, Co-Founder, Allworth Financial