LIFE&Health Advisor: How Advisors Are Changing the Financial Equation
According to new findings from the TIAA-CREF fourth annual Advice Matters Survey, Americans often assume that their financial status or lack of savings is a barrier for seeking financial advice. The LIFE&Health Advisor article sites survey findings that reflect the broad misconception among Americans that financial advice is strictly for the affluent. In reality, financial advice is beneficial to anyone who is working toward a specific financial goal.
The survey shows that many individuals do not fully understand the many benefits that come with seeking professional advice. According to the article, those who engage in financial advice perform more positive actions when planning for the future. 37% of respondents who have received professional financial advice report they subsequently changed their asset allocation in their retirement plan, 36% increased the amount set aside in savings, and 28% established a plan for paying off loans or managing debt.
Additionally, those who consult with a financial professional feel more confident about their future. According to the study, women who receive financial advice are more apt to take steps to improve their future and financial well-being. Additionally, 38% of women who received financial advice said they increased their retirement savings, and 28% said they changed or decreased their spending.
In summary, Americans need a better understanding of the benefits of professional financial advice and should seek this advice more often, regardless of their financial status. In turn, individuals will be better equipped to live a full and sustainable life.
Read more on the ever evolving financial equation, here.