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Survey Shows What Americans Have to Say About Working With an Investment Advisor

Those Working With an Investment Advisor Have a Better Understanding of Financial Terms and Concepts

 

When it comes to working with an investment advisor, many Americans say that they feel they don’t need to work with an advisor. Getting to the reasons behind this decision, respondents in a recent survey from Plan Adviser were asked why they preferred not to work with an investment advisor and 44 percent responded that their assets didn’t warrant any planning.

 

Among the respondents that reported not having enough assets to bother with an investment advisor, 28 percent had an income of at least $75,000 a year. These individuals could see many benefits by working with an advisor and planning for their financial future.

 

Overall, those Americans that reported working with an investment advisor were more comfortable with their understanding of financial terms, including “long-term care insurance”, “Roth IRAs,” and “annuities.” Among those respondents that were working with an investment advisor, there was a high rate of confidence that they understood these terms, at a rate of 41 percent, 69 percent and 49 percent, respectively.

 

For those not working with an investment advisor, there was a significantly lower level of comfort with financial terms. Using those same terms, only 31 percent felt confident they understood the term “long-term care insurance,” 42 percent understood “Roth IRAs” and 28 percent understood “annuities.”

 

Of those who did not have an investment advisor, the reasons were varied. As noted above, many didn’t feel that they had the kinds of assets that warrant seeking out a professional opinion. Still others said they preferred to manage their own finances (38 percent) or felt that an investment advisor would cost too much (36 percent). Some don’t know what kind of professional to hire (14 percent) or don’t understand the value of engaging these types of services (10 percent).

 

Yet in addition to the value of having an investment advisor help you plan for your future and work with you in creating a strategic investment plan, working with an investment advisor positively affects other aspects of your financial life outside of your investment or retirement planning. For instance, those that hired an investment advisor were also more likely to have an emergency fund and a retirement plan. Seventy-seven percent of those working with an investment advisor had an emergency fund or a retirement plan, versus 46 percent of those that had never worked with an investment advisor.

 

If you’re looking for ways to take some of the guesswork and the emotions out of your investment future, make an appointment with an advisor at Family Investment Center. We can take a look at your current financial picture and help you develop a plan in a client-first, commission-free setting.

 

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