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The affluent visit financial advisors, while other Americans may consult consumer credit counseling services
By Peggy Stillwell on Apr 23rd, 2010
A recent survey shows that some affluent consumers consult with financial advisors to meet their investment needs and achieve their desired lifestyle.
The Merrill Lynch Affluent Insights Quarterly noted 44 percent of affluent consumers in the country work with a financial advisor. Of these, 75 percent meet with advisors every quarter, while 41 percent do so monthly.
"During this pivotal year, it is important that affluent investors actively examine their portfolios to take advantage of recovery-related opportunities," said Lyle LaMothe, leader of U.S. Wealth Management for Merrill Lynch Wealth Management.
Of those polled, 66 percent said the consult with their advisor about overall financial planning, while 70 percent said they do so to set up a particular lifestyle for the future. Sixty-two percent said that cash flow and liquidity are topics covered during their meetings.
Regardless of their level of income, being able to plan for retirement is an important for all consumers. However, some may not know where to start, especially as short-term financial concerns loom. People who want to get a head start on saving for their future may consider a consumer credit counseling agency, which can help them deal with short- and long-term financial goals.
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