77 percent of Americans who work with an advisor are more confident in their financial future
PARK RIDGE, Ill. (Jan. 16, 2018) — A new study commissioned by the Million Dollar Round Table (MDRT), conducted online by Harris Poll among over 2,000 U.S. adults ages 18 and older, including over 700 who currently work with a financial professional, examines what consumers think of financial professionals, what clients aim to achieve through financial planning and what they look for in a financial professional.
Of those who currently work with a financial professional, 77 percent say they are more confident in their financial future because they have the advice of a financial professional. The study found that 87 percent of Americans have at least some trust in financial professionals and 53 percent have a moderate amount or a great deal of trust.
Thirty-five percent of Americans said their trust would increase in a financial professional if they are a member of an industry association, showing an opportunity for advisors to highlight how their memberships benefit their clients. In addition, over half of Americans say their trust would increase if a financial professional communicated with them on a personal level (56 percent) or had several years of work experience (54 percent).
What Consumers Look for in a Financial Professional
When it comes to hiring a financial professional, the vast majority (82 percent) of Americans do not have a preference in regards to gender. Nearly one in five (19 percent) Americans would prefer their financial professional to be older than them if they were to work with one.
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Among those who currently work with a financial professional, 62 percent say they hope to set realistic financial goals, 47 percent would like to better understand complicated financial matters and 42 percent want to assess their current financial health.