Roughly half of Americans don’t know where to turn when they need financial advice and support, Northwestern Mutual reported Tuesday.
This finding was based on an online survey conducted in early February by Harris Poll of 2,646 U.S, adults, including an oversample of 620 interviews with millennials.
Sixty-eight percent of respondents said they did not have a trusted advisor who offered comprehensive lifetime financial planning.
Among Americans with a financial plan, 82% believed it should be reviewed at least semiannually, and 36% said reviews should take place once a month or more often.
Yet 62% of respondents said they did not have a financial advisor of any kind.
Among those who did work with a professional, just 56% said their current or primary advisor helped them understand their complete financial picture.
And only slightly more than 40% of respondents felt their advisor had a long-term commitment and provided tailored attention.
Thirty-two percent of those surveyed reported that they worked with more than one financial advisor for different parts of their financial lives, such as investments, insurance and retirement planning.
Northwestern Mutual’s president, Gregory Oberland, said the findings were reminder to the industry that those they serve need strong partners as much as they need robust products.
“To be a great partner, it requires a deep knowledge of people’s complete financial pictures, a genuine interest in developing relationships that last a lifetime, and the tools and expertise to develop comprehensive long-term plans,” Oberland said.