Financial Services to Consider Based on Your Net Worth

The financial sector provides a wide range of services that help people make, invest, and manage their wealth. Unfortunately, low-income families are financially underserved. According to the Center for Financial Inclusion, 1 in 10 Americans lives below the poverty line, while 78% of Americans live from paycheck to paycheck. The good news is that there are plenty of opportunities in the financial market; you simply have to find the right fit. Keep reading to find out what financial services you should seek based on your net worth.


Banking is one of the most basic financial services and the most widely accessible. Sadly, an estimated 7% of Americans remain unbanked, according to the FDIC. A bank account is crucial for managing your finances, regardless of your income bracket. However, your banking choice should match your earnings. Factors to consider when choosing a bank include minimum account balance requirements, transaction fees, and banking products. For instance, if you belong to the low-income bracket, you need a bank with no minimum account requirement and low monthly fees. In contrast, a wealthy individual requires personalized banking services to grow their wealth.

Wealth Management

If you have millions of dollars stashed away, then traditional banking products are not the best route. Wealth management is the highest level of financial advisory and planning. It combines a wide range of financial services, including estate planning, investment management, tax guidance, and even legal advice. Usually, one account is handled by a team of professionals with knowledge in specific areas. Although this service is mainly for affluent clients, medium and low-income brackets can also benefit from wealth management. A 401K program is a simple example of wealth management.


Growing wealth is difficult, even for the wealthy. A financial advisor helps you understand the complex investment, tax, and insurance matters. In simpler terms, financial advisors are your planning partners. They use their expertise to help their clients achieve personalized targets. For instance, if you want to retire in 25 years and send your children to college in five to 15 years, a financial advisor will help you with that. Together, you will decide how much you should save, the investments to make, banking options, tax obligations, and insurance. The good news is that a financial advisor is available for all income brackets.

Mutual Funds

Mutual funds are a great option for low-income earners and those who are cautious with their money. It is a type of investment where many investors pool their money and buy securities, such as stocks and bonds. As a result, the risk is spread among many people. The other advantage is that you buy-in at a lower amount. Mutual funds are managed by professionals who constantly monitor the portfolio. Usually, you can sell your shares in a very short time, should the need arise. There are different mutual fund types, including money markets, fixed income, equity, index, and specialty funds. Speak to an expert to help you decide where to invest.

Bottom Line

We hope this article helps you find the right financial services for your needs. Any financial planning starts with assessing your current financial health. Why wait? Start your journey today.