A Spectrem Group study reports that 72% of investors believe working with a financial advisor improved their knowledge of investing.
Nearly 70% of investors with a net worth of between US$500,000 and US$1 million (not including primary residence) said financial advisors improved their investment returns. Only 2.5% overall said they saw no benefit in working with a financial advisor.
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The study revealed that 39% of investors regularly work with a financial advisor, but that number climbs based on the investor’s net worth. Among Ultra High Net Worth (net worth between US$5 million and US$25 million not including primary residence) individuals, 56% work with a financial advisor.
56% of business owners use a financial advisor, and 60% of senior corporate executives employ investment advisors.
Among investors who work with a financial advisor, 64% said it provides a wider range of investment opportunities, and 57% said using a knowledgeable financial advisor provides them with peace of mind.
Only 21% listed ‘fear of being taken advantage of’ as a disadvantage of working with a financial advisor.
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By GlobalDataFrom a Spectrem study of Mass Affluent (net worth under US$1 million NIPR) investors, almost 70% said they were satisfied with their advisors’ performance. Less than 30% of Mass Affluent investors, and 41% among Ultra High Net Worth (US$5 million to US$25 million NIPR) investors, had a bad experience with an advisor. That number does go up above half (56%) for UHNW individuals with net income greater than US$15 million.
Almost 60% of both Mass Affluent and UHNW investors said they would recommend their advisor to someone else.
There is concern about people who offer advice on financial products but are really just out to make a quick buck. That’s why the federal Securities and Exchange Commission and state governments offer guidelines for selecting financial advisors who are regulated and licensed.
