Who do you trust most for financial advice?

Nate Crosby |
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​​​Who is the most trusted source for Financial Advice?​ 

Northwestern Mutual, a financial service company, conducted a planning and progress study between February 3rd and March 2nd of 2023 and surveyed 2,740 adults. The survey gives insightful information into the minds of how Americans perceive financial advice from others, along with Americans' confidence level with their investments and retirement. This blog summarizes some of the key takeaways of the study. 

The survey asked who the most trusted source of financial advice is, from top to bottom it goes: 

  • 31% - Financial Advisors
  • 17% - Spouse/partner
  • 14% - Family members
  • 8% - Business news 
  • 4% - Friends
  • 3% - Financial influencers/social media 

This is not surprising, and neither is the main reason that people go to a financial advisor. According to the survey, the biggest reason for people to go to a financial advisor is to help achieve long-term financial goals, such as retirement. They also value a financial advisor’s expertise that the average person doesn’t have.  

Along with figuring out who the most trusted source for financial advice is, the survey also set out to find what are the key traits/characteristics that people look for when finding a financial advisor. The number one answer was understanding the priorities of a person in their current stage of life. Finding a financial advisor who understands what you as an individual need financially is paramount so that they can create the best possible outcome for your future.  

The survey certainly validates aspects of wealth management behavior that many of us follow today. It’s important to remember that when you ask for and receive financial advice from anyone, keep in mind what may be in the best interest of one person may not be in the best interest of another. Your stage of life is a key factor – for example, older family members who are seeking retirement often have very different goals than someone just starting their career.  A good financial advisor should always start with your personal goals and build a strategy and plan from there. 

Call our office if you’re ready for a free consultation with our financial advisor team. 

 

Please note: This content is not a direct recommendation for investment. Investing involves risk including the potential loss of principal. Not all investments are suitable for all people. Crosby Advisory Group, LLC is a registered investment advisor in Ohio, Florida, and Texas.