Despite efforts by most financial services companies to get investors to use more online tools for financial planning, most affluent individuals still prefer to work one-on-one with a trusted advisor.
According to a quarterly study that was released Wednesday of 1,000 affluent investors conducted by Bank of America Merrill Lynch, 57% of affluent investors turn to their financial advisors for advice after making a financial mistake or financially irresponsible decision. This is the same percentage that turn to their spouse or partner. Forty-two percent consult an advisor before making a significantly expensive purchase and another 13% haven’t, but feel they should.
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