Second Quarter 2014 Research on 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

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.
Second quarter 2014 research on advisors

Want to learn more about the results from the Second Quarter 2014 Well-Being Index report?