Stash Wealth, a New York-based financial planning firm that brands itself as “not your father’s financial advisor” is expanding into Charlotte this summer.
Founding partner Priya Malani, previously a VP at Merrill Lynch and and finance contributor to sites like Refinery29 and Bustle, says the firm zeroed in on Charlotte for their expansion because of the massive growth and strong talent pool. She noted that they scouted cities all along the east coast before settling on Charlotte.
On July 1, they’ll set up a temporary office before moving into their permanent space at WeWork at the RailYard South End on August 1.
Stash Wealth specifically targets what they call “H.E.N.R.Ys” — or high earners not rich yet.
Stash told the Agenda that this usually means millennials earning over $100,000 solo, or couples earning $180,000 together with at least $10,000 to $20,000 in savings.
These numbers aren’t firm though, and you can qualify for H.E.N.R.Y status even if you don’t meet them exactly.
Stash is deeply focused on its millennial clientele. Their branding is all about encouraging clients to #getyourfinancialsh*ttogether, and throughout my conversation with Malani, millennial favorites like avocado toast and boozy brunch came up several times.
Malani explained that Stash is focused on lifestyle.
“People in our age group don’t want to hear, ‘Don’t buy avocado toast. Don’t buy a latte. Save for retirement.’ That’s so (a) boring and (b) really hard to relate to because it’s decades away. It’s like, ‘How do I live my best life and know that I’m not screwing things up if I have to pay for my wedding or if I just want to upgrade my lifestyle or travel more or I don’t want to live at home with my parents?'”
How it works: All Stash sessions are done virtually, by phone or webcam. Here’s what their “Stash Plan” consists of, which typically takes 5-6 weeks to complete:
- Evaluate your current situation
- Optimize credit cards, student loans, 401(k), stock options, emergency fund, etc.
- Uncover your financial goals
- Help you automate your savings
- Consolidate your financial accounts
- Develop an investment strategy to make your money work harder for you
- Answer all your money-related questions, including how to save on taxes
Pricing: Price points are listed front and center on the company’s website. Malani told us that Stash prides itself on transparency. The one-time fee for your “Stash Plan” costs $1,497. They also have a second “Stash Plan for Entreprenuers” offering that includes a few other benefits, like maximizing deductions, that costs $1,997. To work with Stash, you begin by scheduling a call to see if you hit H.E.N.R.Y status, or you can take their two-minute Buzzfeed-esque quiz on their website.
For those who don’t qualify or who aren’t open to the nearly $1,500 investment, Malani told the Agenda that Stash will be rolling out an option this fall for people who aren’t quite H.E.N.R.Ys yet (they’ve dubbed them “Future H.E.N.R.Ys”) which will feature a video course that will teach people how to “hack their way to H.E.N.R.Y status.”