WealthTech Platforms vs Traditional Advisors: What's right for you?

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When choosing the right wealth management platform, there are a number of factors to consider—namely, how involved do you want to be?

As you advance in your career and life, your finances get more complicated, your goals get bigger, and ideally you begin to have more income to invest. Most people reach a point where they start to realize that their finances could use a little extra attention, that they might need help with taxes, planning for a home purchase (or a second), and planning for the future of their family.

Traditionally, the path forward is to start working with a financial advisor. Probably the same one your parents used, or one who was recommended by a friend. While this is often more beneficial than trying to do everything yourself, at Range, we believe there is a better solution. Below we’ll outline some of the key differences between working with a traditional advisor and becoming a Range Member.

Financial Advisor vs all-in-one platform.

A traditional advisor is likely qualified to handle 1-2 areas of your wealth management. To address the rest, you would need to piece together an a la carted team, or combination of services. Range provides comprehensive wealth management, touching each of the important topics - all in one place, for one flat fee.

One advisor vs. a team with a broad variety of expertise.

With a traditional advisor, you have one person. That person may or may not have deep expertise in the areas where you’ll need advice. With Range, you have a team working for you—each team member having a different background and expertise. A team with experience in investment management, tax optimizations, start-up equity, estate planning and more. You have access to your advisors, 24/7. Message the team with any question, large or small, and hear back in under 24 hours. The platform is designed to foster continued engagement and attention on your finances.

One point person vs the entire household.

Range can’t get your finances to their optimal state without you. And you don’t have to do it alone.  That’s why the platform is built for households—shared access to all of the tools, dashboards and messaging for all registered household members. A family aligned on their financial situation and goals can more effectively achieve what they set out to do. We’re all in this together.

“Don’t worry about it” vs let’s do it together.

Some people are fine handing off management of their finances to a planner and checking in twice a year. That’s not how we approach partnering to manage your wealth. We use technology to put more control of your finances in your hands. Every day our team of engineers is working on new tools to give you the ability to take a more active role in your family’s wealth management. We can’t effectively improve your finances without you!

The traditional printed paper plan vs. an ever-evolving digital partnership.

At Range, we don’t believe handing you a sixty page stack of paper and checking in six months later is an effective way to partner with you. As a member, your plan is ever evolving. We start with one aspect of your finances and continue to work with you as long as you’re a Member on addressing each and every aspect of your finances. Your plan is also adjusted in real time for unexpected (or expected) changes in your situation. No stack of papers sitting on a shelf here.

Assets under management fees vs. one flat upfront fee.

The last and one of the most important differences between Range and a traditional advisor or brokerage is the fee structure. Many people have no idea how much they’re actually paying their advisor to manage their money. This often involves an “assets under management” fee (AUM). That means your advisor is taking a % of the money you have under their control—regardless of if they’re actually making money or losing it. That means if you have $500k under their control, and they’re charging a 1% management fee, you’re paying $5,000 per year to park your money with them (and maybe have them make a few trades).

With Range, we’re a true fiduciary. Meaning we can only act in your best interest. And because we charge one flat fee for the year, our advisors have no incentive to upsell you on other services (i.e. cross-sell you insurance), or bring your money under our management. In fact, we offer 0% AUM, so in the event you wanted to bring your money to Range, you pay no additional fee (and probably save money vs having it managed elsewhere). Transparency has never been the industry’s strong-suit. That’s something we’re going to change.

We truly believe we’re building the future of wealth management at Range. Our members are engaged and active partners, not only in their own finances, but in the development of the platform and service.

It’s important for you to weigh the benefits of using the Range platform and really think about how you want to manage your wealth. Are you looking to take a truly passive role? Or be an active participant in shaping your financial future?

If it’s the latter, book a demo to learn more about what the platform has to offer.