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Are Advisors Worth the Cost?

More than 4 in 10 Americans (43%) who have never gotten professional assistance agree that advisors are worth the cost — but how about those who have gotten that advice?

Well, as it turns out nearly three quarters (74%) of those who have used a financial professional believe their services are worth the expense. Moreover, most Americans — even those who have never worked with an advisor — believe they have a better chance for success in retirement planning with that help, according to the Allianz LoveFamilyMoney study.

More than 9 out of 10 respondents (92%) who indicated they have used a financial professional in the past said they believe the relationship is helping them achieve their financial goals, and 86% note that financial professionals can relieve the pressure of trying to plan for their family’s financial future by themselves, according to the study.

Perhaps more telling, even among those who have never used a financial professional, nearly 8 in 10 (79%) believe these professionals are useful in helping to achieve financial goals, and a full 70% agree they can relieve pressure of planning alone.

Half of the respondents who indicated they have worked with a financial professional in the past said that the relationship motivated them to achieve a comfortable retirement; only 3% of these respondents said that they “don’t yet know how I will fund my retirement.” The majority (60%) said, “I know what steps I need to take to ensure that I have a comfortable retirement.”

In contrast, 12% of those who said they have never worked with a financial professional are unsure how they will fund their retirement, and only 39% say they know the steps they must take to ensure a comfortable retirement.

Not surprisingly, nearly one in five Americans who have never worked with a financial professional say they don’t expect to retire, versus only 11% of those who have benefited from professional guidance.

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