Got a cool million in the bank? For many people, that’s a number that seems out of reach, or at least a long way off into the future. But here’s a bit of irony: while investing well is one of the best ways to boost your net worth, new research from PriceMetrix suggests that financial advisors are increasingly ditching less affluent clients in favour of high rollers. In 2011, the average number of households managed by a single advisor shrunk by 8 percent, while the average revenue of those households grewby a similar margin. What this means is that investors with more than $1 million to invest are increasingly pushing out clients with less investable assets.
f you’re crying foul, the change is not as disagreeable as it sounds. Advisors argue that fewer clients allow them to provide better service and still make a good living. That makes sense. On the other hand, the preference for larger accounts certainly doesn’t provide much comfort to the not-so-moneyed class (which, let’s face it, accounts for most of us).
Fortunately, while you may never have millions, there are still many ways to get the financial advice that you need (and deserve) to make the most of what you’ve got. Check out five options in my new article at GoldenGirlFinance.ca: http://bit.ly/GShckZ