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.
- 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).
- 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).
- 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.