Wednesday, July 18, 2012

How Important is a Financial Advisor?

A recent LIMRA study attempted to answer that question.  What they found is that access to an advisor can make the difference between saving and not.

Key point:
LIMRA's study found that 61% of consumers who work with an advisor contribute to a retirement plan or an IRA, while only 38% of consumers who don’t work with an advisor contribute to their retirement savings. Controlling for income, consumers who work with a financial professional are also more likely to contribute to a defined contribution plan or IRA.
Numbers like these are why CFS fights to ensure all communities have access to sound, ethical financial advice.