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);
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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.
