Greater number of Americans believe that they need better financial guidance and are turning to financial advisors to help them create an investment strategy and plan for retirement, according to a new survey from the CFP Board.
Nearly 40% of people who participated in the poll conducted from June 27 to July 2, 2015 said that they work with an advisor, up from 28% in 2010. Seven out of 10 respondents indicated they work with a CFP professional.
An overwhelming 90% of the respondents opined that the financial advisor should put the consumers’ interests ahead of theirs and expect them to tell up front about any conflicts of interest that could potentially influence that advice, the report says.
However, a majority (60%) of respondents believed that advisors prioritize their companies over their clients, up from 25% in 2010.
When asked about prevailing law in the US, 63% of the respondent said they believe that current laws do not do enough to protect consumers from being taken advantage of in the financial markets.
Rich Rojeck, chair of CFP Board’s board of directors, said: "This research shows that Americans have more faith in financial advisors and want to work with someone who will put the consumers’ interests first.
"By working with a CFP professional, consumers can have confidence in knowing that they are working with a competent and ethical financial advisor who is looking after the consumers’ needs to help them make smart financial decisions and plan for long-term financial goals like retirement."