Advisers garnering more trust

For clients, financial crisis provesd worth of expert financial guidance
APR 04, 2013
By  JKEPHART
The financial crisis may have wreaked havoc on people's portfolios, but it strengthened their relationship with financial advisers. Advisers are more trusted by investors than banks, insurance companies, investment firms and the government, according to an online survey of 1,150 investors by Fidelity Investments. “The last several years have been a wake-up call,” said Scott Couto, president of Fidelity Financial Advisor Solutions. “Financial matters are complicated for many people,” he said. “The same way we rely on attorneys and doctors, an increasing number of investors are looking for help managing their long-term financial future. It's created a bull market for financial advice,” Mr. Couto said.

REACHING OUT

A third of the investors surveyed in mid-February said they had reached out to an adviser during the crisis, and a quarter said that they rely on their adviser more than in the past, according to the survey. The survey was conducted using a national sample of in-vestors over 25. Of those investors that use an adviser, 90% ranked them as helpful during the crisis, more so than any other option. Investors also took more of their financial well-being into their own hands as a result of the crisis. Half the respondents said that they have reduced their personal debt since the crisis. Two of five of those surveyed reported increasing their retirement savings and increasing their emergency funds. As a result of the increased savings and decreased debt, 55% said that they feel better prepared for retirement than before the financial crisis.

Latest News

Time to get on the China ETF train? Advisors speak up
Time to get on the China ETF train? Advisors speak up

Chinese stocks have been flying for the past month. Should US wealth managers go along for the ride?

Fidelity reports data breach exposing 77,000 customers' personal data
Fidelity reports data breach exposing 77,000 customers' personal data

The investment giant said Social Security numbers, driver's licenses, and other sensitive information was compromised by a third party using newly established accounts.

Another ex-Edelman advisor joins Baird in Virginia
Another ex-Edelman advisor joins Baird in Virginia

The employee-owned hybrid firm's latest hire in Fairfax reportedly managed $285M at his previous firm.

Milton adds to climate-change worries for retirees
Milton adds to climate-change worries for retirees

The hurricane is the latest severe-weather event in a retirement destination, underscoring the concerns about climate change that clients bring up, financial planners say.

$26B RIA EP Wealth strikes private market alliance with Opto Investments
$26B RIA EP Wealth strikes private market alliance with Opto Investments

The tech-driven alts platform will provide support to advisors seeking customized portfolio access for their high-net-worth clients.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.

SPONSORED Explore four opportunities to elevate advisor-client relationships

Morningstar’s Joe Agostinelli highlights strategies for advisors to deepen client engagement and drive success