You Are On Your Own: Why Main Street Needs to Take Back Investing 🧭

My own investing journey started with a bit of a surprise—and a very small inheritance.

When my father passed away in 1979, his meager assets were distributed in 1980. I received stock certificates for companies like Virginia Power (now part of Dominion Resources) and Philadelphia Electric (now part of Exelon).

I knew absolutely zero about stocks.

The Brokerage Shift: From Main Street to Millionaires

Luckily, a friend's father, Mickey DeAlto, who held and traded stocks, recommended his stockbroker at Merrill Lynch, a dynamic man named Bill Childrey. I took my inherited certificates, deposited them with Merrill Lynch, and Mr. Childrey helped me sell those legacy shares to buy others. All told, the original assets amounted to less than $10,000.

This was back when a firm like Merrill Lynch was still a broker to people who worked on Main Street. They welcomed small accounts and offered personal guidance.

But as the world became richer and a segment of the population grew exponentially wealthy, things changed.

The $250,000 Wall

I've personally been with Merrill Lynch for over 45 years. Yet, if I were a new client today, or if I wanted to hire a dedicated personal advisor there, I wouldn't qualify. this is on their website:

Note the minimum investment!

Here's the reality: if you want a personal financial broker at many major wirehouse firms today, you must typically have a minimum investable amount of $250,000 or more.

The era of personalized, hands-on guidance for the average worker is largely gone. While Merrill did create a low-cost online platform (Merrill Direct) in 1999 to serve the average person, the message is clear: The average person is, financially, on their own.

Why You Must Fight for Yourself

Today, you are bombarded by a million online offers promising to manage your money, invest with AI, or deliver guaranteed returns. But consider this:

Who best protects your best interests?

The answer, of course, is you.

You are the person most invested—literally and figuratively—in your own success. Your financial goals are unique, and no outsourced advisor will ever care about them as deeply as you do.

It is absolutely better to pick a stock that might go down (which happens to every investor) than to pay the often-steep fees associated with an investment advisor who might make the exact same mistake! They, too, are human and fallible.

That's why we wrote our book and advocate for financial self-reliance. The barrier to entry for managing your own money has never been lower, thanks to commission-free trading and abundant online research. You no longer need to meet the $250,000 requirement to build wealth.

You have the tools, the time, and the motivation. You only have to be willing to fight for yourself. Take control, learn the rules, and become the best financial advocate you'll ever have.