[pullquote]Despite the large array of online investing websites, many people still want professional financial advisors to manage their assets.[/pullquote] According to Mark Matson, founder and chief executive officer of Matson Money,
“Financial advisors have been making some headway with consumers. Other research shows that entrepreneurs are among the most trusted people in the economy, and independent advisors are entrepreneurs.”
The best tools for financial advisors are utilizing social media tools, social networking to remain in contact with their clients and attain new business. The young investors use online forums and social networking sites to find financial advisors. The Capstrat-Public Policy Polling found,
“48% of Millenials (Americans between 18 and 19 years old) consider Google searches to be their most influential financial advisors…50% of respondents in this group gave financial advisors the highest scores for reliability.”
However, the majority of Americans still favor banks over financial advisors partly due to the aftermath of Bernard L. Madoff and Allen Stanford. Women are less likely to trust financial advisors over banks. According to the Capstrat study,
“Male respondents (28%) considered financial advisors to be the ‘most influential’ source of advice, compared with just 19% of women. Also, 22% of women considered banks to be the most influential source of advice compared with just 12% of men. Also, 59% of women respondents are more likely to turn to banks for advice, compared with 43% of men.”