According to a recent study, America's richest professionals and the very wealthy rely heavily on financial advisors to make investment decisions. The study shows that 21% of wealthy professionals rely on their financial advisors such as Edward Jones.
Image Source: Google
These individuals have a net worth of $ 5 million or more without their primary residence. Additionally, 26% of very high net worth people treat independent advisors as to their primary financial advisors. This means that professionals and wealthy individuals have an excellent attitude towards financial advisors because of their education and experience, as well as their ability to make investment decisions.
Financial advisors, also known as financial planners or financial advisors, have in-depth knowledge of the fields of investment, tax law, and insurance. This financial advisor uses this knowledge to recommend financial alternatives to people according to their short and long term goals.
Financial advisors are typically involved in college funding, retirement and real estate planning, and other investment options. Some of these financial advisors provide advice on various financial matters, while others focus on more specific topics such as risk management.
Due to the popularity of financial advisors, it is expected to grow faster than average for all other professions. One of the reasons for the projected increase in the number of financial advisors is the rapid expansion of self-managed pension plans, which are also expected to grow further.