Nearly one-third (29%) say they haven’t told their advisors about everything that could affect their finances, according to the survey conducted by Securian Financial Group.
For its report, ‘Client secrets: What people don’t tell their financial advisors,’ Securian Financial Group has surveyed 720 consumers who work with financial advisors.
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The survey report revealed that health and marital problems are secrets most often kept from advisors.
Michelle Hall, manager, Market Research, said: "They may not realize it, but personal matters can profoundly affect a family’s financial stability. Health and marital difficulties rank high among the critical subjects clients do not discuss with their advisors."
More than one-fourth (25%) carry debt their advisors do not know about.
A sizable portion of those who withhold critical financial information from their advisors appear – demographically at least – to fall in many advisors’ target markets:
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By GlobalData- Nearly one-third are pre-retirees and retirees. Two-thirds are 40 and older.
- One-fifth are affluent, with $150,000 or more in annual household income, or mass affluent, with $100,000 – $149,000 income.
- Among those who are employed, two-thirds are in professional or managerial careers.
More than half (52%) of those with secrets say the information is too personal to share. Another large group (45%) says their secrets are outside of their financial strategies and don’t need to be shared.
These responses may suggest a lack of education about the benefits of holistic planning and a need to raise awareness about the financial risks associated with not sharing these matters. One fifth say their secrets are too embarrassing to reveal.
Some people may hold back because they don’t want to hear what their advisors would say if they had the full picture. When asked what changes their advisors likely would recommend, half (50%) said increase savings or reduce spending. One-fourth (25%) said their advisors would want to create new financial plans.
Nearly half (48%) of all respondents say trust is the most important aspect of their advisor relationships. Forty-three percent say they discuss other personal issues with their advisors. Of the 29% who withhold critical information, only 11% say it’s because of a lack of trust.
