Turns out, most investors would probably turn to their friends and family before getting in touch with you for financial advice. According to Sun Life Financial, which has created an “unretirement” index, the outlets people tend to turn to for financial advice are family, cited by 43 percent of those surveyed, and friends, 39 percent. Financial advisors ranked third with 36 percent of those surveyed naming them as a resource. Sun Life surveyed 1,451 individuals between August 14 and September 14.
“We understand why people would turn to family and friends for advice on important financial decisions, but financial advisors should be alarmed at these findings,” said Wes Thompson, President of Sun Life Financial U.S. “Between the current economy and the flood of Boomers approaching retirement, this is an unprecedented opportunity for advisors to showcase their skills in ensuring younger Americans are correctly planning and investing for their future, and to make sure those about to retire have a proper retirement income plan in place to sustain them during their later years.”