P.J. Wallin, the founder of Atlas Financial in Richmond, Va., used to work for a firm that had a minimum requirement of $1 million in investable assets for its clients. Atlas, on the other hand, charges $500 for an initial “financial road map,” and then $125 a month going forward.
“This fee structure allows us to work with people from the start of their careers and to serve an underserved population,” Wallin says. “The other firm I worked for would not have dealt with these clients. I’m sure fees will continue to evolve.”
Wallin is a member of XY Planning Network, a group of financial advisors who, to attract Gen X and Gen Y, charge on an hourly basis with no asset minimums. Other services are paid for monthly and financial planning should be, too, says the group.