Broadly speaking, the wealth management community has a tendency to focus on prospects that fit the as “affluent” or “wealthy” or those that are close to reaching such status. That’s not a criticism. It’s merely stating how the industry has functioned for decades.
Not all advisors focus on the high-net-worth crowd and beyond and that’s a good thing because everyone, regardless of financial status, deserves access to high-quality advice. There are a lot of folks in the middle class and data indicate they sure could benefit by working with advisors.
Middle class is typically defined as “middle-income” or the household income range of $50,000 to $99,999 per year. That might not sound like much, but if it’s a two income household with one earner flirting with the top end of that range and another somewhat close to middle-income territory, it’s possible for a couple with a combined household income of say close to $150,000 to amass enough assets to make them appealing clients for any number of advisors.
Those numbers aren’t uniform across the country because there are some areas where a $100,000 salary is considered “low income”, but the point is advisors should welcome the opportunity to work with more clients in the middle income group because they’re contending with a variety of financial headwinds.
Middle Income Views Merit Attention
Data released on Thursday, July 27 indicate weekly jobless claims declined while June retail sales surprisingly rose. On the same day, the S&P 500 hit another all-time high. That ebullience isn’t being felt by all Americans.
“Middle‑income Americans continue to rate the economy poorly. More than three-quarters (80%) rate it negatively — a figure that has remained consistent over the past year,” according to the latest edition of Primerica’s Middle-Income Financial Security Monitor. “Amid ongoing economic uncertainty, a strong majority (83%) say they want to take steps to protect themselves financially for the long term — yet only 36% are actually doing so. ”
Furthering the case for the advisor/middle income partnership is the stress felt by people in this income range. Sixty-one percent of middle income folks say they’re financially stressed and 45% say they’re outright discouraged, according to Primerica. Concerning data points to be sure and they underscore the need for folks in this group to consider working with advisors. So do their views on retirement.
“Nearly two-thirds (63%) do not believe they are saving enough to retire comfortably, and 39% aren’t participating in an employer‑sponsored retirement or life insurance benefit, citing affordability as the primary barrier,” adds Primerica.
Budgeting, Spending Help Needed
Advisors aren’t budget builders or credit counselors, but even dabbling a little bit in those spaces can create significant value-adds for a variety of clients, particularly middle income folks, because their money stress is manifesting in negative ways such as over-reliance on credit cards.
“About 39% of middle-income Americans say they have increased their credit card use, an 11‑point rise from Q1 2025 and the highest level recorded since early 2023. Meanwhile, just 32% pay their credit card balance in full each month, and 60% say their credit card debt has increased or remained the same,” concludes Primerica.
Point is credit cards aren’t stress relievers. They’re additive to stress and can derail more important financial objectives, including saving for retirement. Bottom line: advisors can be forces for good with middle income earners and establishing those relationships isn’t something to delay.