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It’s True, More Investors Are Looking for Financial Advisors

The College for Financial Planning released a small study indicating advisors have grown their client base during the pandemic.

A small new survey shows that financial advisors are in demand. Of 209 advisors surveyed, 71% said they have more clients now than they did before the COVID-19 pandemic started, according to the College for Financial Planning, a Kaplan company.

“The survey is telling us two important things,” said Dirk Pantone, president of the College for Financial Planning. “There is a high level of confidence in certified investment advisors that is driving the demand for their services.”

Pantone added that the study also showed advisors’ clients aren’t panicking from the related market volatility. In fact, they’ve stayed the course with the long-term plan their advisor helped them create.

When asked about the number of their clients who postponed their retirement because of the pandemic, 71% of advisors said their clients were forging ahead with their plan. Only a small percentage, 17%, had decided to delay their plans, while 12% had moved up their retirement date.

The study also asked advisors about inflation and the upcoming elections. More than half of advisors (61%) are unconcerned about an increase in inflation, while 31% are concerned and 8% are unsure. 

When it comes to the elections, 39% of advisors said they would need to change their investment advice based on the Democratic ticket winning the White House and 61% said they wouldn’t.

The College for Financial Planning was founded in 1972 and acquired by the global education provider Kaplan Professional Education in 2018. Over 160,000 students have graduated from the college.

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