Thirty-five % of survey individuals sought recommendation from monetary advisors and different professionals, together with 52% of boomers, however lower than a 3rd of youthful respondents. Nevertheless, many high-net-worth traders youthful than 45 do search recommendation.
It’s hoped, after all, that each one those that use monetary advisors do cautious due diligence earlier than selecting one.
Social media was the third major supply of monetary recommendation, ticked by 30% of individuals. Maybe not surprisingly, 49% of Gen Z and 43% of millennials stated they search for recommendation on social media, in contrast with 21% of Gen Xers and 6% of boomers.
The most well-liked social media platforms for monetary recommendation amongst respondents are influencers on Fb, Instagram, TikTok, X (Twitter). These, nonetheless, will not be the one “influencers” who can present helpful recommendation.
Different sources of monetary recommendation cited by survey individuals: monetary web sites, 28%; banks or different monetary establishments, 22%; radio, TV or podcasts, 18%; books, 16%; and newspapers/magazines, 14%.
