Not Everyone Seems Willing to Help Teachers

There seems to be a trend going on:

Merrill Lynch announced that they will end paying their advisors on clients who have less than $250,000 in managed household assets.  (This does not mean by the way that the client stops paying their fee.)

https://www.thinkadvisor.com/2020/12/04/merrill-ends-advisor-payouts-on-small-accounts/

Wells Fargo Advisors discourages their advisors from working with households with less than $250,000 by decreasing their payout.

https://advisorhub.com/2021-comp-wells-raises-monthly-hurdle-rate-adds-deferred-bonus-opportunities/

RBC Wealth Management restored its zero-payout policy on those with less than $100,000..

https://advisorhub.com/2021-comp-rbc-restores-small-account-penalty/

These are just three examples of many of the traditional wealth management firms continuing to move away from helping middle class Americans.  The incentives these companies are establishing are literally to not work with and/or provide less service to average folks like teachers.  Sure, they will help anyone who has built up some investable assets; but what if you haven’t? 

In contrast, Teacher Wealth was built and designed to offer help to teachers and everyday workers.  Whether you already have many assets to your name or don’t have a dime saved, our mission is to raise the standard of financial planning advice for Iowa educators.

Hard-working educators who desperately need help navigating important decisions like purchasing and refinancing their homes, buying the appropriate insurance, making investing decisions, and deciding where to allocate their dollars.  Anything that has to do with money in your life (which is most things) we are there to help you with.  Even if that is just listening to an idea or asking questions from an outside perspective.

Because we are fee-only we don’t earn money for selling specific products or redirecting clients toward certain offerings.  Instead we sit at the same side of the table and help determine which products and services are best for their specific needs and situation.  It is a collaborative process where the incentives are pointed in the right direction.

Even those who have zero investment dollars can still get quality advice.  (In fact, this situation is very common for public school teachers because many have their entire retirement wealth wrapped up in their state pension plan, like IPERS for those in Iowa.)  Our flexible fee structure allows for educators (i.e. heroes) to get the life-centered comprehensive financial planning they deserve no matter what their current financial situation and background.

If you are needing help in your financial life, reach out today for a no-obligation conversation to see if we are a good fit to help you.