Majority of Americans Are Not Getting Financial Advice

Nearly seven out of 10 are not working with a financial adviser.

The overwhelming majority of Americans, 68%, are not getting professional financial advice, and among those who are, 43% say their advisers don’t feel like long-term partners who have an understanding of their complete financial picture. In addition, 62% do not have a financial adviser of any kind.

The survey also found 45% of Americans do not know where to get the help they need as they move through life stages and need different financial solutions, and 82% think their financial plan should be reviewed every six months.

Among those with an adviser, only 56% say they give them an understanding of their complete financial picture, and only 41% say their adviser provides tailored service. Nearly one-third, 32%, are working with multiple advisers on various aspects of their financial lives, such as retirement, investing and insurance.

“We see this as a call to action both for individuals and the industry,” says Gregory Oberland, president of Northwestern Mutual. “It’s important for people to understand that financial security requires serious planning, professional help and strong discipline over a long period of time. By not taking action, they risk making the long road to financial security even longer.”

These were some of the findings from the 2016 Northwestern Mutual Planning & Progress Study, based on a Harris Poll survey of 2,646 adults.