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Principal Times 70 percent people consult IFAs referred by their friends and family

70 percent people consult IFAs referred by their friends and family

A survey conducted by Principal Retirement Advisors shows that 58% respondents rely on the help of financial professionals in making important financial decisions.
Jun 1, 2017

A survey conducted by Principal Retirement Advisors shows that 58% respondents rely on the help of financial professionals in making important financial decisions.

Friends and family are main influencers when it comes to choosing a financial advisor.

A survey done by Principal Retirement Advisors shows that almost 70% people consult financial advisors referred by their friends/family & co-workers. Naturally, the survey showed that 58% of respondents rely on the help of financial professionals in making important financial decisions. Overall, 68% respondents felt that the financial advisor plays an important role in helping them meet their life goals.

While choosing their advisor, experience and qualification was were the most important attributes people looked for. The survey showed that experience (57%), qualification (51%), trust (44%) & reputation (42%) are the key attributes that people look for in an advisor.

As regards to the purpose for which people consult financial advisors, the survey showed that setting financial goals and tax planning were the two most important reasons why people engage the services of a financial advisor. Setting financial goals (54%), tax saving / planning (47%) & investment advice (46%) are the top 3 reasons for consulting a financial advisor, showed the survey. Retirement planning also figures prominently with 41% respondents consulting financial advisor for the same.

Overall, 61% respondents feel more financially confident after availing services of a financial advisor.

57% people cite their own awareness/knowledge, as the foremost reason for not consulting a financial advisor. However, the good news is that 27% of those not consulting a financial advisor are willing to pay fee for financial advice in future.

 

The Principal Retirement Advisors research was conducted in 11 cities with a total sample size of 1585 respondents.

 

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