Survey Cites Need for Adviser Services

The investment adviser released findings from its report examining the values, financial priorities and concerns of affluent Americans. The latest findings from this series, which began in 2009, focus on two areas: adjusting to the new normal, and the greatest concerns for their future and for their families.

Forty-four percent of affluent Americans view the current economic climate as a new reality, and many are taking steps to gain greater control of their financial lives in this environment, including reining in spending and lowering debt. The survey also finds a notable shift toward less conservative investing.

While health care costs and funding retirement remain top concerns, many families have the added challenge of financially supporting a parent or adult-age child.

For three years, health care costs have remained a top concern. More than three-quarters of respondents (77%) are highly concerned, and a more substantial majority (83%) of those over the age of 65 reported this as a concern.

Respondents’ second and third greatest financial concerns relate to retirement and include ensuring their assets will last throughout their lifetime (68%) and being able to afford the lifestyle they want later in life (55%). Four out of five (80%) respondents worry that they will be unable to accomplish certain financial goals before retirement, such as saving enough to sustain their lifestyle during retirement (42%), being able to pay off or invest more in their current home (27%) or affording a dream home (24%).