Janet Levaux,
Sep 20, 2016
Investors Want Help, but Fear Being ‘Ripped Off’ by Advisors: Survey
Survey also shows stagnant household wealth means consumers are more willing to risk market volatility in pursuit of gains. Most Americans say they need more help when it comes to saving money and preparing for retirement, according to the latest poll conducted by Hearts & Wallets. But they appear to have a high degree of mistrust of financial advisors. The survey of 5,000-plus households found that 62% of respondents wish they were doing a better job of saving. Plus, putting money away “is a largely unmet need” for more than 40 million households with $5.2 trillion in investable assets, who find it difficult or extremely difficult to know where to put savings, according to Hearts & Wallets research. At the same time, investors are feeling better about the U.S. economy, inflation and retirement in general vs. last year. Yet, close to half, 44%, said they fear being “ripped off” by financial professionals, the poll finds....