3 in 4 Investors Would Recommend Their Advisor: Study
July 1, 2020 by Ginger Szala
New research from Cerulli Associates and the Securities Industry and Financial Markets Association found that 78% of U.S. households with $100,000 to $1 million in assets use a professional advisor in some way. Most of them — 74% — said they would recommend their advisor, and 77% said their advisor was worth the cost. In fact, only 1% stated they were dissatisfied.
“It was shocking to us,” said Scott Smith, Cerulli’s director of advice relationships, on how few investors were unhappy with their advisors. He added that what differentiated advisors was trustworthiness, dedicated relationships and personalized advice.
To widen the swath of U.S. households for the study, Cerulli looked at those who had investable assets of $100,000 to $1 million, or “everyday working Americans,” Smith said. That asset level represented 33 million U.S. households, or 26% of the U.S. population. This group also relied more heavily on the advice of their advisor than wealthier peers, the study noted.
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