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Financial Planning > Behavioral Finance

Survey: Consumers Slow To Act On Need For Advice

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NU Online News Service, Sept. 3, 10:09 a.m. – The recent stock market slump may have created a hidden market for professional financial advice, according to survey results from Harris Interactive Inc., Rochester, N.Y.

The researchers who conducted the survey, sponsored by Northwestern Mutual Life Insurance Company, Milwaukee, interviewed 1,000 U.S. “financial decision makers” in June. The participants came from households with incomes of $75,000 or more.

The researchers found that 31% of the survey participants reported feeling an increased need for professional financial advice, but only 64% of the participants who wanted to talk to a professional advisor had actually done so.

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