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November 16, 2020 at 02:32 PM
Thirty-five percent of investors who work with a financial advisor say they are very confident in their investment strategy, according to a new survey from Franklin Templeton.
Only 15% of investors without an advisor express similar confidence.
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The findings come from an ongoing Franklin Templeton–Gallup study of Americans’ propensity and readiness to resume pre-pandemic economic behaviors, and were based on surveys completed by 5,002 U.S. adults between Oct. 1 and Oct. 9.
The survey found that 48% of investors said they were working with a financial advisor. Those who were not were twice as likely as those who were to say they had little or no confidence in their investment strategy.
Franklin Templeton noted that investors with higher incomes are likelier to be confident in their investment strategy, but that the effect of a financial advisor, and the perception of greater economic confidence, was consistent across income groups.
Among investors with annual household incomes of less than $120,000, as well as among those making above that threshold, respondents with advisors were more than twice as likely to express the highest levels of confidence.
Survey respondents with financial advisors were also likelier to have a positive view of the stock market’s performance. Thirty-five percent of these investors, but only 22% of those without an advisor, said the market was much or somewhat higher today than it was before the pandemic began.
