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If All You Want Is Money, These Financial Advisers Might Say ‘No Thanks’
WSJ reports that there is considerable unease at making clients wealthier amid rising inequality and cost of living crisis in the US. Many financial planners who work for large banks with clients having over $3 million to $50 million are leaving as they do not find job satisfaction advising clients unless some of the money goes to help other people. Clients making less than a couple of million are more likely to help others in society than clients making $20 million who cannot grasp the problems of society from a third of fourth graders filing reading comprehension tests, the 40 million people on student loans, or people struggling to tackle the cost of living.
About 35% of 330,000 financial planners/wealth managers in the US work with client assets under half a million, 19% with clients having assets under $2 million.
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