Financial Help for All
Expert Says Financial Planners Benefit Everyone During Major Life Changes, Beyond Just Wealthy
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Most Americans think financial planners are only for the rich. That's a myth, says Karla Salinas, vice president of financial planning at BOK Financial. "It's not just about a certain net worth" to benefit from professional help, she said. A certified financial planner (CFP) can help anyone organize their money — especially during big life changes.
Today, there are 109,289 active CFP professionals in the U.S. — a record high, according to CFP Board. Yet 37% of adults still can't cover a $400 emergency with cash, per Federal Reserve data. The gap between who needs financial guidance and who actually gets it has never been more visible.
Life Milestones Are the Real Trigger for Advice
Salinas says the best time to see a planner isn't when you're already wealthy — it's when your life is changing fast. Getting married, having kids, or taking on the care of aging parents are the moments that matter most. "Major milestones such as the transition of adulthood" are exactly when people need a professional in their corner, she told WABI TV.
The reason is simple. Big life changes come with big financial decisions — new insurance needs, estate planning, tax changes, and shifting budgets. Making the wrong call at those moments can take years to undo. A planner helps clients avoid costly mistakes before they happen, not after.
People With Advisors Save Twice as Much for Retirement
The numbers show a stark difference between those with a planner and those without. People who work with an advisor have an average of $132,000 saved for retirement. Those without one have just $62,000 — less than half — according to Northwestern Mutual's 2024 Planning & Progress Study.
Research from Vanguard adds another layer. Their data suggests advisors can add roughly 2% in annual net value to a client's finances. That's not from picking better stocks — it's from stopping clients from making emotional decisions when markets drop, according to Savvy Wealth.
What a Financial Planner Actually Costs Today
Cost has long kept middle-income households away from planners. The old model required at least $500,000 in savings before an advisor would even take your call. Their fee — typically 1% of your assets — meant most Americans simply didn't qualify, according to the Foundation for Financial Planning.
That's changing fast. A standalone financial plan now costs around $3,000 as a one-time fee. Hourly rates average $300. Annual subscriptions run about $4,500, while monthly retainer plans average $595, according to the Kitces Report. Firms like BOK Financial are betting that flat fees — not percentage-based charges — will open the door to younger, high-income earners who haven't yet built a large nest egg.
Robo-Advisors Are Cheap, But They Can't Replace a Human
Automated platforms like Betterment and Wealthfront offer investment management for as little as 0.25% of your assets. That's far cheaper than a human planner. But Salinas and others in the industry draw a clear line. Robo-advisors handle investments. They don't handle taxes, estate planning, or the emotional weight of a divorce or a new baby.
Meanwhile, the profession itself is diversifying. The share of racially and ethnically diverse CFP professionals has grown to 10.4% — a rate twice as fast as the profession overall, per CFP Board. That shift matters. It means more planners who reflect the middle-class communities they're being asked to serve.
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