One of the most talked-about topics for millennials and Gen Z is money. With the rise of social media, the younger generation has learned countless ways to make money online and which career paths are most lucrative. However, according to Spark Wealth Advisors, making money is only half of the equation.
True financial success is determined not only by your income, but how your hard-earned money works for you. Today, there is still a stigma that financial advisors are only for the uber-rich or retirees. In fact, most advisors turn their noses up at people if they don’t meet a minimum balance requirement. Spark Wealth Advisors is changing the way young professionals view financial advice.
Retirement is only one financial goal that people have in life, albeit an important one. Purchasing a home, negotiating a raise, paying off debt, and starting a business are all goals that may benefit from working with an advisor well before retirement. With no minimum balance requirements, Spark Wealth Advisors recognizes that high-earning professionals with low relative net worths are underserved. By developing a financial plan early on, this demographic can achieve financial independence for themselves and their families.
Another old-school aspect of the industry that Spark is facing head-on is the traditional advisor-client relationship. It’s made of in-office visits, dull PowerPoint presentations, and an inch-thick stack of paper labeled a “financial plan.” By meeting with clients virtually and streamlining the delivery of advice using a digital 1-page financial plan, Spark is modernizing how clients interact with their advisors. With clear, actionable advice, the goal is to educate clients on why their money is invested a particular way and how it helps achieve their goals and desires. Other advisors rely on ambiguity and complex products to trick clients into thinking they are getting their money’s worth. After onboarding, clients meet with their advisor at least twice per year, with their advisor always being a phone call or email away in between. No need to worry about 1-800 numbers or being transferred to different departments to get your questions answered.
Spark Wealth Advisors is a fee-only fiduciary Registered Investment Advisor (RIA) in Florida. To learn more, visit http://www.sparkwealthadvisors.com/