By Steve Dinnen It takes money to make money, a notion not lost on wealth advisers and financial planners who often want to see your money before they’ll work to get you more of it. A recent marketing bit from a major brokerage welcomed all aboard — as long as they could bring at least $250,000 to the table. That may work for a mid-career professional, but what about a fresh college graduate who has just begun to climb the earnings ladder and is paying off student loans and trying to scrape up enough for a down payment on a house? That $250,000 is a very high hurdle. Jacob Repp is OK with a lower buy-in point. A financial representative with Principal Financial Network in West Des Moines, Repp said recently that he is perfectly willing to work with people of lesser economic means. He’ll advise them on where to place the money they have (mutual funds are most likely landing spots) to grow it over time. He explained his strategy with a football metaphor: “The client is the quarterback. I am the offensive coordinator.” The average value of a wealth-managed or advised account varies widely depending on the firm, but often falls in the range of $1 million to $1.8 million per household for traditional advisory firms. General investors with advisers may hold an average of $132,000 in retirement savings, roughly double that of non-advised individuals. This is not meant to be an advertorial for Repp or for any financial or wealth adviser. But studies suggest that using an adviser can lead to significantly higher total lifetime net worth due to professional management. The White Coat Investor says that advisers often help clients maintain higher balances through tailored investment strategies, with potential value added estimated at 3% or more in annual returns. That’s a pretty decent bonus, whether you’re working with $50,000 or $500,000. And it easily tops any fees you will pay for advisers. A P.S. on those fees: The average charged is around 1% of assets under management, meaning a $250,000 portfolio will see $2,500 deducted every year for that adviser. That’s where the notion of “it takes money to make money” comes back into play. People with larger balances can, and should, drive down their fees, sometimes to 0.25% if they are wealthy enough. Some advisors work on a commission basis. And some are fee based: You’ll pay for each service you use. For minors, a Roth IRA can yield major results Can a teenager own a Roth IRA? Definitely yes, says Repp, who opened one of these accounts for a 14-year-old after working with her parents. The rules for a minor owning a Roth are pretty much the same as they are for an adult. You can contribute a maximum of $7,500 of earned income into such a plan and take earnings out tax-free after age 59½. While you are a minor, an adult will be a custodian. Earned income can include money from a W-2 job, such as working as a bagger at a grocery store. Earnings can also come from self-employment gigs, like babysitting or mowing lawns. Allowance money does not count. Repp said he tries to talk to minor children of clients to see if they’re interested in a Roth. The 14-year-old started out at $150 a month, tucking that money into mutual funds. She is now 22 and, if she followed that funding level, would have $14,400 as she graduates from college. That money alone will amount to $131,000 if she earns a modest 6% annual return over the next 38 years when withdrawals can start. ...read more read less