Nearly 3 in 5 (59%) Americans want financial advice but don’t know where to get it, smartflo survey finds

ATLANTE, March 2, 2022 /PRNewswire/ — intelliflo, the leading cloud-based technology platform for financial advisors, today shared the results of its recent online survey conducted by The Harris Poll. More than 2,000 American adults were surveyed about their attitudes and behaviors related to financial advice.

Key findings from the survey include:

  • 71% of Gen Z (18-25) and 72% of Gen Y (26-41) strongly or somewhat agree that there are financial topics they want advice on, but don’t know how to get them.
  • Only about 1 in 3 Americans (32%) turn to registered financial advisors for financial advice, while more than half (52%) turn to family and more than 2 in 5 (41%) turn to to digital sources.
    • 44% of Gen Z, 49% of Gen Y and 47% of Gen X (42-57) turn to digital sources for financial advice, including social media platforms (like Instagram or TikTok – 15%), blogs/vlogs (7%), podcasts (10%) and other online sources (27%).
  • The biggest barrier preventing Americans from seeking financial advice from a registered financial advisor when they want or need it is the belief that they think they don’t have enough money to hire one (35%).
  • About two-thirds of Americans (68%) say a personalized financial plan based on their goals would be an extremely or very important factor if they were considering using a financial advisor.

“As evidenced by our recent survey, there is a significant need and desire for financial advice across the board, but many simply don’t know how to access it,” said Jennifer Valdez, president of the Americas, intelliflo. “Technology can play a vital role in helping financial advisors effectively serve these consumers. This need for more modern digital software is why intelliflo was created a year ago, with a mission to expand access financial advice.”

At March 1, 2021, intelliflo has brought together five leading software companies under one brand to offer customers around the world a wider range of end-to-end solutions that span the financial advisory lifecycle. The platform’s scalable, API-driven architecture delivers new levels of flexibility, efficiency and personalization within financial advice, including financial planning, practice management, digital account opening , reporting, indexing, trading and portfolio rebalancing. intelliflo supports over 30,000 financial advisors globally across 2,500 companies, representing over three million end investors and counting $1 trillion in assets served.

Valdez continued, “We introduced intelliflo to give advisors the robust software and digital tools they need to effectively serve investors and provide the communication, collaboration and self-service tools modern consumers expect. intelliflo remains committed to enabling advisors to more effectively support investors in all areas. demographics and sophistication levels, ultimately improving their financial health.”

Survey method
This survey was conducted online in United States by The Harris Poll on behalf of intelliflo of February 17-22, 2022, among 2,067 American adults aged 18 and older. This online survey is not based on a random sample and therefore no estimate of theoretical sampling error can be calculated. For full survey methodology, including weighting variables and subgroup sample sizes, please contact warner may.

About Intelliflo
intelliflo expands access to financial advice with cutting-edge technology that powers the financial advice experience. We use open software architectures combined with unparalleled industry experience to simplify a complex digital landscape to help advisors compete and grow. Our solutions support more than 30,000 financial advisors worldwide, representing more than three million end investors, with over $1 trillion assets served by intelliflo.

SOURCE smartflo