Americans Are 16.9% More Confident in Their Financial Plan With an Advisor, per ComparisonAdviser Study

ComparisonAdviser has released a new study highlighting the impact of financial advisors on individual confidence in financial planning. According to the study, Americans who paid for financial advice reported being 16.9% more confident in their financial plans compared to those who did not seek professional help.

The study examined data from a survey across various age groups. Results indicated a significant increase in the percentage of people consulting advisors as they age, from 5.6% in their 20s to 47.9% for those 60 and older. The increased need aligns with major life events like marriage, divorce, and retirement.

The confidence levels were measured on a scale of one to five. Younger individuals in their 20s and 30s exhibited a higher confidence boost of 22% and 19%, respectively, compared to only 11.1% for those above 60. Experts suggest that older individuals might face more complex financial challenges, impacting their confidence negatively.

Expert insights from Anthony DeLuca and Andrew Bellak underscored that financial advisors can enhance client confidence by adding both tangible and intangible value to their financial plans.