71% of Americans Fear Talking to Financial Advisers

Financial planners can be valuable partners for reverse mortgage lenders, considering both work with clients of a similar demographic, however, a recent study finds an overwhelming majority of Americans are afraid of speaking with a financial adviser to discuss their retirement goals.

Specifically, 71% of more than 2,000 U.S. adults surveyed said some aspect of speaking with a financial adviser scares them, with 49% identifying the cost of doing so as their top concern.

The online survey was conducted by Harris Poll on behalf of McAdam, LLC, an independent financial planning firm based in Philadelphia.

Younger Americans fear talking to a financial adviser more than their older counterparts, the survey revealed.

Namely, 82% of respondents between 18 and 34 years old reported they were scared about some aspect of talking with a financial adviser. Of respondents 45 and older, 63% said they were scared about some aspect of speaking with a financial adviser.

Additionally, 47% of all respondents said they were hesitant to trust a financial adviser with their personal financial information. 41% said they were worried that a financial adviser would not be able to assist them with their finances

“Our fears are often not based in reality,” said Phil Simonides, CFP, Group Vice President at McAdam. “Many financial advisors are neither expensive relative to their value, nor do they only provide the bad news some people fear. The only way for people to eliminate fear is to face it head on and take the initiative to have a meeting with a financial advisor.”

Written by Mary Kate Nelson

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