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The Principal Financial Well-Being IndexSM: Advisors

Even though advisors say their financial health is on the up-and-up, they may not be reaching Gen Y clients, according to new research from The Principal Knowledge Center.

Key findings include:

Gen (wh)Y

  • Only 18 percent of financial advisors surveyed are targeting Gen Y clients.
  • Only 30 percent of American workers overall work with a financial advisor.
  • Barriers to working with a financial professional include fees/costs (29 percent) and fear (16 percent).

Financial Lift

  • 41 percent of advisors say individuals begin working with a financial professional for their expert advice and guidance.
  • Advisors recommend clients save 17 percent of their pay, on average, for their retirement.
  • Clients’ top financial blunders include living beyond their means (22 percent) and not saving enough (15 percent).

Advisor check-up

  • 83 percent of advisors, (up from 78 percent last year) rated the financial health of their business as either "healthy" or "very healthy".
  • Advisors’ single greatest pain point is dealing with regulatory and compliance issues (46 percent).
  • Three in four advisors plan to grow their business organically while one in four have plans for growth by partnering with others.

Learn More

NEW! Second quarter 2014 research on Advisors:

First quarter 2014 research on American Workers:

The Principal Financial Well-Being Index: Advisors surveys financial advisors nationwide including independent broker/dealers, wire house and regional brokerage firms, insurance agencies, independent wealth management firms, banks and independent asset management firms. It is part of a series of quarterly studies examining the financial well-being of American workers and business owners, as well as advisor opinions and practice management. The studies are released by the Principal Financial Group® and conducted online by Harris Interactive®.

For more information, contact Susan Houser at 515.248.2268 (

Have a question? Call us at 1.800.986.3343

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