Written by: Allianz
While most Americans find value in the guidance offered by financial professionals, many do not seek professional guidance
In the 2023 Annual Retirement Study from Allianz Life Insurance Company of North America (Allianz Life), 88% said working with a financial professional would help ensure that they could financially support all the things they want to do in their life, which is, of course, one of the key goals when working with clients. Yet, many do not work with a financial professional. Only 44% said they are currently working with a financial professional, and that’s trending downward.
So, what do Americans say they want in a financial professional?
Most Americans who are currently interested in working with a financial professional said they want to collaborate on a strategy and don’t want to give up control. More than half (57%) said they would prefer that a financial professional propose solutions, but they would ultimately make most or all of their financial decisions. And, 25% said they are more likely to work with a professional who views their relationship as a partnership or consultation. Americans want to drive the direction of the services provided.
Clients want to work with a financial professional who provides holistic guidance based on a personal understanding of their values and priorities.
What might make you more likely to work with a particular financial professional?
Americans who are not currently working with a financial professional, but are open to it, are interested in talking to them about various financial worries:
In order to best serve their clients, financial professionals must recognize that people are looking for a partner to create strategies for their long-term financial future. That means focusing on collaboration and flexibility, as well as understanding clients' values, priorities, and concerns.
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