With the number of Americans who are going into debt on a frighteningly steady rise, and with many more feeling the kick-back from the financial crisis, one might figure that people would be desperate to seek assistance in helming the reigns of their finances by finding themselves a good financial advisor. Well, it turns out that when it comes to financial planning, though more of us are worried about our finances, compared to two years ago, less are actually using financial advisors.
According to a recent Certified Financial Planner Board of Standards study, while 65 percent of Americans are more concerned about their finances than they were two years ago at the beginning of the economic crisis, the percentage who are currently using financial advisors has dropped from 29 percent to 28, in the last two years. While not a huge change, the study is surprising considering more people have either suffered financial turmoil or are in fear that they might. The study also found that many Americans say that finding a financial advisor is “more important in the last two years since the start of the financial crisis.”
Finding the right financial advisor can be tricky, and in light of the Madoff scandal and other such biting news coming up in recent headlines, maybe even scary. That is why it is so important to find financial advisors that can give unbiased and objective advice based solely on your specific needs. To do this, it is important to look for a financial advisor who is transparent, open, and someone whom you can build a real relationship with. Consider also how comfortable you are with a commissioned-based planner versus a fee-only planner. If the CFP board’s study has told us anything, it is that Americans are becoming more aware of the need for financial advisors. Now, perhaps more than ever, it is important to ensure your financial safety. Click Here to get started.