Investors With More Than $200,000 in Savings and Investments

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As your investments build to this level and as we age our financial picture becomes even more complex. With larger sums of money and the more complex life situations that will arise in the years ahead, it may make sense to employ a full-time financial planner and advisor. Having a financial advisor will provide you with a concrete long-term financial plan for your path to retirement, a strategy for college savings plans for your children, strategies for buying life insurance, a counsel for tax strategies, and a way to discuss and plan for many other events with your investments that are no longer generic but detailed specifically for your situation.

Generally, young professionals do not have enough money to meet the minimums that a financial planner requires, and our financial picture is not complex enough to merit paying someone to help us work through it. As you approach $100,000 – $200,000 in investable assets then it may be time to find someone with whom to start a long-term financial relationship.

It is still key however to keep your costs low! Look for a financial planner that is “fee-only,” or one that charges for their services with an annual fee stated as a percentage of your assets. Anything above 1.00% annually is too much! The importance of a “fee-only” planner is that you don’t want an advisor that charges for their services every time you place trades or one that will be consistently trying to sell you financial products to increase their compensation. In a fee-only arrangement, your advisor will benefit when you benefit – if your investments see long-term success then your advisor will benefit as well!

Look for an advisor that is a “Registered Investment Advisor” (RIA), which means the advisor registers with the Securities & Exchange Commission as an advisor who holds a fiduciary duty to their clients. Serving as a fiduciary means that an RIA is required by law to work in your best interests at all times. This way you know that they are consistently providing you with the best solutions, for you! Almost all RIAs are fee-only providers, but not all fee-only providers are RIAs.

Also, look for an advisor that holds a professional designation. This shows that they are dedicated to the field of financial planning and have serious experience that will likely allow them to provide you with the best advice. The most reputable designations (among many out there) are the Chartered Financial Analyst® (CFA®) and the CERTIFIED FINANCIAL PLANNER™(CFP®).

Perhaps most importantly is that you should look for someone you get along with and whom you can trust and feel comfortable with when talking about very detailed aspects of your life – be it financial or personal!

It is critical that you can and will talk to your advisor about anything that impacts your financial picture or about anything that you want to achieve so you can modify your finances to reach that goal.

Talk to your friends and your parents and see if they will refer you to an advisor that they have had a great experience with (as long as they are an RIA and fee-only). Or, use to search through almost 30,000 RIA offices for an RIA-based on location and how much money their firm manages.

Parsec Financial, the presenting sponsor of this site, is a fee-only RIA with North Carolina offices in Asheville, Charlotte, Tryon, Winston-Salem and Southern Pines. We have several financial advisors who work with young investors and we would be glad to talk to you about your specific situation at any point along the way in your career. Visit to learn more.

Finding the Right Financial Advisor

If navigating the complexity of investments, insurance and estate planning is not challenging enough, try figuring out how to find the right financial advisor for you. The marketplace is loaded with brokers, insurance agents and financial advisors promising to put you on the path towards financial security. Nevertheless, how do you differentiate their claims and find the trusted partner that is right for you? To do so, it is important to examine the many differences in advisors, their offerings and their obligations to you – their potential client.


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All information included in this page and all pages throughout Young Money, Smart Money is provided for informational and educational purposes only and should not be taken as investment advice or a recommendation to invest accordingly. Investing involves risk, including a potential for a loss of principal. Educate yourself about all investments and funds you purchase, including their risks, objectives, and fees and expenses before investing. For additional assistance, please contact us or another financial professional for a more detailed review of your specific situation.

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