27% of Americans use financial advisors, with 60% prioritizing trust as the top factor

New data from YouGov Financial Services CategoryView looks at how many Americans use financial advisors or planners.

According to the data, 27% of Americans are currently working with these professionals for investment advice and services. Men are more likely to use financial advisors than women, with 32% of men and 22% of women doing so. Education also plays a big role. Only 19% of those who have attended some college but do not have a degree work with a financial advisor. In contrast, 45% of those with postgraduate degrees are using these services.

When it comes to choosing a financial advisor, trustworthiness is the most important factor for Americans, with 60% saying it matters most. Higher-income adults (earning more than 200% of the median) are more likely to say trust is important (68%) compared to those with lower incomes (55%).

Cost of services, qualifications and expertise, and reputation are also crucial, valued by 48% and 46% of Americans, respectively. Three in ten adults consider historical performance (31%) important, with men more likely to do so than women (35% of men vs. 26% of women). A personalized approach and attention are valued by 30% of Americans. Recommendations from friends and family and the financial institution the advisor belongs to are also considered important by 26% and 25% of people, respectively. At the bottom is the range of investment options offered, considered important by 22% of adults.

Methodology: YouGov Financial Services CategoryView collects data on brands & consumers across the US every month. The data is based on the interviews of more than 9,000 American adults aged 18+ between March and June, 2024. Learn more about YouGov Financial Services CategoryView.

Cover photo credit: Kindel Media