Diverse Americans are returning to financial advisors for retirement planning
A reported dip in engagement with financial advisors by diverse Americans in 2022 appears to be reversing.
Last year Allianz Life reported that just 24% of Black investors and 35% of Hispanic investors had a professional financial advisor, dropping from 38% and 44% respectively in 2021.
However, new stats for 2023 reveal that 36% of Black Americans and 42% of Hispanic Americans are working with a financial advisor now and this aligns with a rise in confidence among these groups that their finances are in shape to support life goals and ambitions (80%).
The survey shows that there is still work to do across all groups to dispel some myths around working with a financial advisor.
For those that are not currently getting professional financial advice, around 3 in 10 believe they don’t have enough money to warrant it, around 15% do not trust financial advisors, and around one third think it costs too much (this rises to 46% among Asian American respondents).
While personalized advice is always going to be preferred, the varying demands of various diverse groups of Americans should be noted.
For example, 38% of Black and Hispanic Americans list “paying off credit card debt” as one of their top three financial goals, compared to 30% of the total population, while 45% of the total population say “saving enough and making plans to live a comfortable retirement,” is one of their top three financial goals, only 36% of Black Americans say the same, and 31% of Black Americans say “leaving a legacy for my family” is one of their top 3 financial goals, compared to 23% of the total population.
“The data are telling us that one size does not fit all when it comes to what people are looking for in financial advice,” said Walker. “Now
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