ValueWalk: Demand for Financial Advice Up 20% In Year – What’s Driving the Surge?
The world has become an increasingly complex place. Finances are no exception. Yet over the past few decades, the rise of investment tools like a company 401(k) plan or IRA have popped up. These tools typically don’t come with much of an instruction manual.
So it’s no surprise that investors are looking for financial advice. The latest data suggests a 21.2 percent jump in the past year alone.
Why the big move? With a jump in inflation to 40-year highs, geopolitical fears, and a never-ending stream of debt-ceiling crises, there’s a lot for investors to take in.
Financial advice helps individuals look holistically at their wealth, not just as an investor or as a saver. Creating a comprehensive plan to cover one’s specific needs, goals, and dreams is key to success. Yet many fail to do so, or fail to change their plans as conditions change.
Today, investors have a choice with human interaction, or the use of financial planning apps and other tools. Plus, artificial intelligence is starting to play a role.
Those who have never sought investment advice, or haven’t in more than 5 years, may want to do so. Even those who feel like they’re on the right track could benefit from having an outside expert weigh in.