[pullquote]No one wants to simply talk to a machine for their financial advice…[/pullquote]When affluent investors feel like they don’t know where to find a safe haven to invest, they turn to their trusted advisors. With all the information and tools provided online to help people invest on their own, affluent advisors still want their financial advisors. However, some still learn the hard way and wait till after they make a poor investment before calling their advisor.
According to a quarterly study 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.”
Many people feel they will receive more sound advice from an actual person they know and trust rather than any online article or tool. This is why financial advisors are so important in this economy. Most affluent investors have very complex situations and each need to be handled differently. Dean Athanasia, the head of Bank of America’s global wealth and investment management and Merrill Edge, states,
“No one wants to simply talk to a machine for their financial advice…We have designed partnerships with advisors so that investors can gather information from our systems, but we back it up with licensed financial advisors.”
Investors are having to put off retirement for a few years due to their financial losses and need help regaining these losses. Dean Athanasia states,
“Investors are still skeptical…They are still seeking returns, but they have low tolerance for risk. They want to be sure that they are investing and working with advisors to proceed in the best way possible.”