Affluent Americans Trust Financial
Professionals for Financial Advice
In a key closing discovery, the study revealed that Affluent Americans most trust
financial professionals for all financial activity related to planning, investing, or saving.
In fact, the trust and credibility of financial professionals from Affluent Americans
only increases with higher levels of household income. This relationship between the
client and their financial professional is clearly the most important one to inform and
influence financial decisions. This is why understanding your clients—how they think
and what life stage they are in—is key to building and maintaining a successful practice.
Among Affluent investors, financial professionals or advisors are seen as the
most trusted source of help or advice for retirement planning when compared to
any other sources (e.g., social media, friends and family, digital brokerage tools,
personal financial management apps, etc.). For High-Net-Worth individuals, this
percentage increased by almost a half (44%).
Financial advisors are #1 most trusted source for retirement planning
Younger Millennials (25-35) Older Millennials (36-44) Gen X (45-56) Boomers (57-65)
0
20
40
Financial Advisor Family & Friends Social Media Financial Website
60
80
100
120
140
Total
Affluent
Respondents
©2023 Envestnet, Inc. and The Center for Generational Kinetics. All rights reserved. 25
