Having a financial advisor does not correlate with how comfortable older people feel about financial preparedness for retirement, according to a new survey.
“That’s a surprising finding,” says James Sholder, a principal in the retirement market practice of The Diversified Services Group, Inc., Wayne, Pa.
In March 2006, DSG polled more than 1,200 consumers, ages 55-70. The questions covered attitudes and perceptions about retirement income. Among other things, it found that 67% of those using financial advisors were comfortable about their retirement preparedness. But it also found that 68% of those not using financial advisors were likewise comfortable about their preparedness.
This shows that pre- and post-retirees “are statistically identical” concerning their retirement comfort level, Sholder says.
Why this is so is still being studied, he says. Some educated guesses include the following:
–Some people may “by nature” feel comfortable, regardless of whether a financial advisor is in the picture, he says.
–The financial profile of the survey group–$250,000 or more in investable assets–may impact the answers.
–Some consumers may be working with advisors who do not address feelings about retirement, who instead focus on plan particulars, making it so that the consumers are not fully aware of their comfort level.