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
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.”

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.