The financial crisis has had a measurable effect on investors, but advisors have as well, a report released Wednesday by Fidelity found.
Surveying investors who are at least sophisticated enough to have more than simply a savings account or certificate of deposit, Fidelity found that those who used an advisor felt more prepared both before and after the crisis, and were more likely to say the economy has improved from where it was five years ago.
GfK Public Affairs and Corporate Communication polled 1,154 household decisionmakers over 25 for the survey on behalf of Fidelity.
Nearly half of respondents who work with an advisor said they felt prepared before the crisis began in 2008, compared with 37% of those without an advisor. Two-thirds of those with an advisor said they felt prepared after the crisis, compared with 53% of those without.
During the crisis, advisors were indispensable to their clients. They were the leading source of financial guidance, which was rated as most helpful by 90% of respondents with an advisor. Nearly a quarter of respondents rely on their advisor now more than ever.