Northwestern Mutual survey shows majority of Americans not getting financial advice

Even among those who are, almost half say their advisers don't feel like long-term partners

Jun 21, 2016 @ 12:33 pm

By Tanvi Acharya

A majority of U.S. adults are not getting professional financial advice, and among those who are, almost half say their advisers don't feel like long-term partners, according to a survey released on Tuesday.

The survey also revealed a lack of understanding about financial planning, even among those who had an adviser. Northwestern Mutual conducted the survey, which was designed to explore Americans' attitudes and behaviors toward finances and planning.

While 68% of people do not have a professional adviser, 45% do not even know where to get the help they need as they move through life's stages and need different financial solutions, according to the survey.

According to the survey, only 41% say they get tailored attention from their advisers, while 44% believe their advisers don't give them a complete picture of their finances.

"We see this as a real call to action both for individuals and the industry," said Gregory C. Oberland, president of Northwestern Mutual in a release. "The findings also serve as a strong reminder to the industry that the people we serve need great partners as much as they need great products.”

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