According to a survey conducted by the personal finance website MagnifyMoney, nearly half of U.S. adults think financial advisors are expensive and only for the wealthy, even though almost all who use advisors consider them worth it, according to a new survey.
The survey of 1,500 adults found that 30% of consumers have a paid financial advisors, with the most people most likely to pay advisors being those with incomes over $100,000 (55%), college students (41%) and men (35%).
When the survey questioned people who don’t have a financial advisor, it found that a lot of people prefer to be do-it-yourselvers. “Of this group, 57% said they prefer to manage their money themselves, while 33% believe it’s too expensive and 25% don’t think they have enough invested assets,” the survey report said.
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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
