I read with great interest this morning in the April edition of Money the results of a poll they conducted in February. I haven’t decided if I am either troubled, perplexed or just out of the loop. The poll was comprised of 16,494 responses from interviews taken in New York City, so one would be lead to believe that there would be at least a basic level of sophistication going on. The results make me think as a profession, the financial services industry is failing in a very big way. The question was “Where have you gotten the best financial advice?” Here is what the results say:
34% The Media, 28% A Professional Financial Advisor, 22% from a Family Member, and 16% from A Friend
I was shocked at how large a percentage of respondents said the media. As a individual, I wonder how the sweeping type of statements made in a public forum can prove to be in the least bit useful to my situation. Sure the “Pay down credit cards” and “Diversify” articles are solid ideas, but to qualify that as the “best financial advise” shows what a great job magazines, the internet, and TV/Radio have done to make our society believe our financial futures can be handled as easily as hitting the “Drive Thru” at McDonald’s.
Given that less than 1/3 of the respondents claimed an advisor, I am left wondering if it is because as a profession we give poor advice, or if it is a function of real people not being able to find us. I could make an argument either way but fear it’s more of my profession seeming out of reach from the average American. I suggest this is the case given that almost 40% of those asked looked to friends or family for advice. I’ll follow this post up with a poll asking you that don’t use an advisor “Why Not?”. I’m interested to know.
I was also left wondering about what this means to the state of our financial well being. One thought that crossed my mind was that perhaps many of those asked were not really saving. Given how it played out, I think that perhaps those that are, are doing it through a workplace retirement plan only. Maybe this is what left them to think they only had the media, friends, or family to turn to. I then began to wonder if our employers are doing a good enough job helping us get the advice we need to manage such an important asset. Depending on your answers to the first poll, I’ll follow that up with one asking about comfort levels in the education provided at work for your 401(k).
I’ll leave by saying that I’m disappointed in this poll and what it has caused me to think about. I hope that the financial services industry can find a better way to engage the American public and that all of us good people can have the courage to know that financial well being is something that you have to work toward and can’t be created with a quick read or internet search. If the best advice we all find is in the media (and the internet is included), then I hope I can provide it to you right here, right now. The single most important thing you can do as an individual seeking financial stability now and in the future is to seek a professional capable of looking at your situation individually before providing any advice. Take your internet time to find someone you can trust and work with personally. None of us should be grouped into a “Number Two, Supersized”
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