Advisors aren’t just for the rich

By Staff | September 16, 2013 | Last updated on September 16, 2013
1 min read

The pesky myth about advisors is they’re just for the wealthy, says Forbes, but the opposite is true.

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In the U.S., independent broker-dealers have average clients accounts of $78,469, while small registered investment advisors have average client accounts of $65,447. Bank advisors average $103,413 and insurers average $11,653, it reports.

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As those four types of advisors make up nearly three-quarters of the population in the U.S., it goes to show that the majority of financial advisors serve the middle class—not the super-affluent.

Read more, and check out a chart of average account sizes by advisor type, here.

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The staff of have been covering news for financial advisors since 1998.