Even modest investors want concierge service when it comes to planting their hard-earned financial seeds.

A survey by Gallup of folks with $10,000 or more in investments reveals that 44 percent choose a dedicated financial advisor to handle their affairs. Just one in five use a financial services website to manage most of their investment decision-making.

Other trends from the survey of 1,000-plus investors:

  • 35 percent use a financial advisory firm and speak to a live person, but don't have one go-to advisor;
  • 29 percent use a friend or family member;
  • Women are more likely (46 percent) to use a dedicated advisor than men (41 percent);
  • Women are also more likely (32 percent) to use a friend or family member than men (26 percent);
  • Men are more likely (25 percent) to rely upon a financial website than women (14 percent);
  • Retirees are more likely (53 percent) to use a dedicated financial advisor than non-retirees (40 percent);

Those with more than $100,000 in investments are more likely (53 percent) to use a dedicated financial advisor than those with less than $100,000 (32 percent);

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.