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The One Thing Rich People Do to Jump from ‘Well Off’ to ‘Wealthy’

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What’s the difference between a $100K and $10M portfolio? Sometimes, it’s as simple as who’s managing the money. 

As the economy continues on its historically volatile trend, more and more household investors are turning to financial advisors to safely weather the storm.

According to a 2019 study conducted by the Vanguard Investment Group, household investors with financial advisors tend to beat the market by 3% per year.

In the current state of the market, accessing this increase in compounding returns can help someone retire truly wealthy instead of just well off.

From the dentist to the small business owner and beyond, almost all high net-worth individuals get help managing their investments in one form or another.

Financial advisors specialize in safe, compounding returns that outperform standard index funds—but not everyone can access their services.

In fact, most financial advisors have a minimum portfolio requirement of $100K. Services like WiserAdvisor help connect household investors with financial advisors who specialize in their goals and portfolio size.

Spending less time to make more money

Usually, time costs money. To delegate a task, you need to pay out of pocket.

Financial advising is one of the very few industries where delegating can help you save time while also helping you make more money.

Anyone with a significant portfolio—even the early-20s crypto bachelor—is well served finding a skilled financial advisor to help them establish long-term wealth. 

The appeal of spending less time staring at a computer screen managing investments is even more enticing for those with families, demanding careers, and other obligations.

“The moment in which you are financially-planning ready is when your responsibilities go up and your free time goes down.” –Douglas Boneparth, president and founder of Bone Fide Wealth in New York (CNBC).

Visit WiserAdvisor to browse local financial advisors with high ratings and dozens of client reviews.

The danger of ‘do-it-yourself’?

While many successful people are knowledgeable in their own careers, not all types of knowledge translate to investment acumen.

For example, many people can, in theory, cut their own hair. But almost everyone goes to a skilled barber or hairstylist instead.

Investments are the same. Although many people can manage their own investments, almost everyone with a healthy portfolio enlists the help of a financial advisor. 

Just like a bad haircut, there are real consequences to a do-it-yourself approach, especially considering how tumultuous the 2020s have been for the market so far.

“It is much more expensive to make a mistake than the price you pay to have money properly managed,” said Winnie Sun, president and founder of California-based Sun Group Wealth Partners (CNBC).

Even if you’ve had success with do-it-yourself investing so far, it doesn’t hurt to schedule a free consultation with a financial advisor to see if there are any serious risks in your investment strategy.

To save some time calling around, use this form to connect with financial advisors in your area who specialize in your goals and portfolio size. 

As uncertainty grows, financial advising becomes more popular

As Americans turn to safer investment vehicles to grow their portfolios during uncertain times, getting help from a financial advisor is becoming more and more popular.

The field is expected to grow 13% in the next decade, far outpacing other financial sectors.

“Finding a financial advisor isn’t something you can be pushed to do,” said Sun (CNBC). 

“You’ll know when the time is right.”

To see what’s out there, visit WiserAdvisor and type in your zip code to see ratings and reviews from local financial advisors.

That’s all (for now).

Thanks for reading!

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