Today, LearnVest emerged as the first subscription-based financial planning service for the masses.It was founded by Alexa Von Tobel, 28, a few years ago. Von Tobel dropped out of Harvard Business School and was a former Morgan Stanley trader.
Now her company is a registered investment advisor that has 50 full and part time Certified Financial Planners on staff. They’re heavily vetted and work one-on-one with all of LearnVest’s clients to advise them on their financials. The only thing they can’t do is physically move a client’s money — at least not yet.
LearnVest’s rates, at a flat $89 per three months and up to $600 for twelve months, are much cheaper than most other financial planning services.
It’s so affordable that high net-worth people are seeking out the service.
A high networth client LearnVest manages has more than $10,000,000 in assets.
“He told us LearnVest was the cheapest and easiest solution he’d found. So we said, ‘Welcome to LearnVest!'” says Von Tobel.
For some perspective, traditional financial planning fees can cost between 2 and 2.5 per cent of your account if you have less than $100,000 under management. If you’re worth more than $500,000, you may be paying a financial planner closer to 1.5%. Either way, you’re spending thousands of dollars annually to get sound advice.
“We’re providing planning to a huge audience who’s never had access to financial planners before,” says Von Tobel.
For more on LearnVest, check out: Wall Street Should Fear Alexa Von Tobel And Her Startup, LearnVest >
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