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Thirty-five % of survey contributors sought recommendation from monetary advisors and different professionals, together with 52% of boomers, however lower than a 3rd of youthful respondents. Nonetheless, many high-net-worth buyers youthful than 45 do search recommendation.
It’s hoped, after all, that each one those that use monetary advisors do cautious due diligence earlier than selecting one.
Social media was the third main supply of monetary recommendation, ticked by 30% of contributors. Maybe not surprisingly, 49% of Gen Z and 43% of millennials mentioned they search for recommendation on social media, in contrast with 21% of Gen Xers and 6% of boomers.
The preferred social media platforms for monetary recommendation amongst respondents are influencers on Fb, Instagram, TikTok, X (Twitter). These, nonetheless, are usually not the one “influencers” who can present invaluable recommendation.
Different sources of monetary recommendation cited by survey contributors: monetary web sites, 28%; banks or different monetary establishments, 22%; radio, TV or podcasts, 18%; books, 16%; and newspapers/magazines, 14%.
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