Source: Wells Fargo / Gallup
Notes: While 8 in 10 investors (people in households with total savings and investments of at least $10,000) receive financial advice in some form, they’re far more likely to say they get it from a dedicated personal financial advisor (44%) or advisory firm (35%) than from an online financial planning or investing website (20%). Interestingly, though, survey respondents with at least $100,000 in investments are more likely than those with less than that amount to seek out advice on financial websites.
About the Data: The findings are part of the Wells Fargo-Gallup Investor and Retirement Optimism Index, which was conducted June 27-July 9, 2014, by telephone. The sample for the Index included 1,036 investors, aged 18 and older, living in all 50 states and the District of Columbia. For this study, the American investor is defined as any person or spouse in a household with total savings and investments of $10,000 or more. About two in five American households have at least $10,000 in savings and investments in stocks, bonds, mutual funds, or in a self-directed IRA or 401(k). The sample consists of 72% non-retired investors and 28% retired investors.
Questions about how investors get financial advice were asked of a random half-sample of 509 U.S. investors. The margin of sampling error for these results is Â±5 percentage points at the 95% confidence level.