A new report from Wealthtender sheds light on the evolving ways Americans search for and select financial advisors, revealing a process shaped by digital tools, personal recommendations, and a growing emphasis on trust and transparency.
According to the research, most affluent Americans – defined as those with at least $500,000 in investable assets – work with a financial advisor.
The study, which draws on surveys and thousands of client reviews, finds that more than three-quarters of respondents in this group have hired an advisor, and nearly nine in ten say doing so has helped them grow their wealth more quickly than they could have on their own .
The process of finding an advisor has changed significantly in recent years. While personal referrals from friends and family (cited by 62% of respondents), search engines (50%), and referrals from trusted professionals (49%) remain essential, Americans are increasingly turning to other resources.
The report highlights that online directories (32%) and AI search tools (25%) are playing a more central role in the initial search, with many consumers using these resources to create a shortlist of potential advisors.
Online reviews have become especially influential since the Securities and Exchange Commission lifted its prohibition on client testimonials in 2021. More than 80% of consumers now say that online reviews are important or very important when evaluating financial service providers.
The regulatory climate around online reviews is also getting friendlier at the state level. Following a February decision in Texas allowing state-registered advisors to use favorable reviews in their online marketing, the North American Securities Administrators Association has floated amendments to its own rules that would more closely align them to the investment adviser advertising standards promulgated federally by the SEC.
Once a shortlist is created, Americans weigh several factors before making a decision. The Wealthtender research finds that reputation is a major consideration, cited by more than half of respondents (52%).
When gauging an advisor's reputation, survey respondents looked most for transparency in fees and services (73%), credentials and certifications (63%), an positive online reviews on an independent site (61%). Before reaching out to an advisor, prospective clients' due diligence includes an advisor's areas of specialization (64%), fee structure and pricing (62%), and the years of experience they bring (58%).
The study notes that clients are nearly 25 times more likely to mention their advisor by name than the firm in online reviews, underscoring the personal nature of the relationship and the importance of individual reputation. Americans also tend to hire their first advisor at an average age of 37, with Millennials starting earlier than Boomers.
The most common motivations for seeking out an advisor are to grow wealth, prepare for retirement, and develop a comprehensive financial plan .
While the search and selection process is increasingly digital, the value clients place on their advisors remains rooted in trust and personalized guidance. The report finds that clients are most satisfied with advisors who provide tailored planning and foster long-term relationships.
Although investment management is still a factor, most feedback centers on relationship quality, planning advice, and the emotional support advisors provide. When asked to name the most valuable role of an advisor in a relationship, nearly half (49%) agreed it was planning around long-term goals, followed by expert investment advice (34%) and lessening financial stress and anxiety (28%).
The Wealthtender research also highlights a shift in how clients interact with their advisors. Virtual meetings and online communication have become increasingly common, with many clients now prioritizing flexibility and convenience. As a result, Americans are more likely to choose advisors who can offer both in-person and virtual engagement, reflecting broader trends in remote work and digital service delivery.
"For many people, the ability to work with the best advisor for their needs, regardless of geography, outweighs the traditional preference for in-person meetings," the report said. "Of course, many people still said they want their advisor to be local, but expressed a preference for meetings to be conducted online."
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