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Most Americans Afraid of… Advisors?

All that talk about high fees and termite colonies of advisors ripping off investors seems to be having an impact — particularly among younger investors.

Overall, nearly three quarters (71%) of Americans say some aspect of talking to a financial advisor scares them, according to an online survey of more than 2,000 U.S. adults conducted by Harris Poll on behalf of independent financial planning firm McAdam.

Millennials tend to be more wary of financial advisors compared with those 45 and older: 82% of those aged 18 to 34 said they were scared about some aspect of talking with a financial advisor. However, nearly two-thirds (63%) of those 45 and older said they were scared about some aspect of talking to a financial advisor.

Among their fears, adults identified cost as the top concern, with nearly half (49%) saying that they were scared that talking to a financial advisor will “end up costing me a lot of money.” In addition:


  • 47% said they were hesitant to trust a financial advisor with their personal financial information; and

  • 41% were concerned that a financial advisor would not be able to help them with their finances.


Even those with higher incomes are concerned about the cost of meeting with a financial advisor: 44% of those with household incomes of $100,000 or more said they are concerned that talking to a financial advisor will cost a lot of money.

Overall, 38% of the respondents said they're fearful that a financial advisor will give them bad news about the state of their finances.

The survey of 2,009 adults ages 18 and older was conducted Oct. 13-15, 2015.

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