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A Quarter of Americans Seek Financial Advice for the First Time

Of U.S. investors with $100,000 or more in assets, the figure is slightly higher.

One in four Americans say they have engaged a financial advisor for the first time as a result of the coronavirus pandemic, according to a recent survey conducted by Nationwide Retirement Institute, a division of Nationwide, and The Harris Poll.

The poll, fielded this month, surveyed more than 2,000 American adults over the age of 18, including more than 600 individuals with $100,000 or more of investable assets. Of the 600 investors, 26% said they have sought the help of an advisor for the first time.

"Right now, Americans feel a lack of control and a need for more guidance," said Kristi Rodriguez, leader of the Nationwide Retirement Institute. "Even if they do all the right things to manage their finances and investments, the vast majority of Americans, including 80% of all respondents and 85% of investors, agree they can still be blindsided by outside events.”

About half of respondents and 52% of investors said the pandemic made them realize they need help managing their finances and investments to succeed in the future.

Less than one-third of Americans said they already had an advisor, and more than one-third of respondents (35%) and nearly half of investors (49%) indicated that they’re relying on their advisor more than ever. At the same time, 19% of Americans said they don’t trust anyone for financial advice during the pandemic.

The top three financial concerns of respondents include being unable to pay bills or meet their financial obligations (45%), losing their life savings (33%) and losing their jobs (30%).

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