As a result, more workers say they want investment advice from professionals.
After the challenges of 2020’s volatile market, financial advisers should learn how to approach any future obstacles with their clients.
American workers are expecting more from workplace programs, such as tailored communications and experienced representatives.
As more Gen Zers enter the gig workforce, financial advisers are tailoring their services to fit the needs of these workers.
Vanguard researchers emphasize that while the value of advice was once traditionally based on portfolio outcomes, goal success rates and advisory relationships are results of effective guidance as well.
Fifty-seven percent of workers would like to make their own financial decisions but have someone validate those decisions, and 31% want specific advice, PwC found.
Overall, gig workers report more difficulty with nearly all financial tasks, a Hearts & Wallets survey found.
AdvisorConnect is a support network of plan sponsor-approved, registered financial professionals who specialize in the public-sector retirement space and has been designed as a value-add to plan participants seeking customized financial solutions.
They want advisers to handle their investments but also to consult on their decisions.
Those who work with a financial adviser are more than twice as confident they will have enough money to enjoy a comfortable retirement, Legg Mason found in a survey.
And demand for financial advice has increased, T. Rowe Price found in a survey.
They are also not interested in robo advisers, preferring to work with financial professionals in person.
When it comes to trusting a financial services firm, consumers first want it to secure their personal information; secondly, they expect it to deliver high-quality customer service.
They have also become more inclined to work with an adviser since the Great Recession of 2008.
They also believe having an adviser they can trust is important for their financial confidence.
Seventy-five percent of those with advisers say they are disciplined or very disciplined financial planners, relative to just 37% of those without an adviser.
Half of Millennials expect to retire with financial stability, although most admit they do not know how to successfully invest, PNC Investments found in a survey.