Most wealthy Americans work with a financial advisor. In fact, over 76% of people with at least $500,000 in investable assets report working with one. Advisors focus on planning strategies to achieve their long-term financial goals, from legacy and succession planning to philanthropy, allowing high-net-worth individuals to focus on their family, career, and enjoying life while delegating wealth management to professionals.

Have you ever thought about hiring a financial advisor? According to a 2025 Wealthtender study of 500 U.S. adults with household incomes over $100,000, it’s clear that many Americans believe that hiring a financial advisor is a smart move to achieve their long-term goals and aspirations for a comfortable retirement.

If you have a significant net worth, you’ve almost certainly received solicitations from financial advisors looking to sell you their services. I typically receive such letters, often inviting my wife and me to a free dinner at a nearby Ruth’s Chris Steak House. Should we go, we’d doubtless have to sit through a long presentation trying to convince us to hire them.

But should we?

What Is a Financial Advisor?

Before we continue, let’s start by defining “Financial advisor”. “Financial advisor” is a very broad term.

I looked through a (fairly random) list of about 170 financial advisors and found 40 titles (some pros listed multiple titles).

Just for grins, here they all are (feel free to jump past the whole list!)

• Accredited Asset Management Specialist (AAMS)
• Accredited Financial Counselor (AFC®)
• Accredited Investment Fiduciary (AIF®)
• Accredited Investment Fiduciary Analyst (AIFA®)
• Accredited Wealth Management Advisor (AWMA®)
• Behavioral Financial Advisor (BFA®)
• Certified Digital Asset Advisor (CDAA®)
• Certified Divorce Financial Analyst (CDFA®)
• Certified Elder Law Attorney (CELA®)
• Certified Exit Planning Advisor (CEPA®)
• Certified Financial Education Instructor (CFEI®)
• Certified Financial Planner (CFP®)
• Certified Financial Therapist (CFT-I®)
• Certified Investment Management Analyst (CIMA®)
• Certified Kingdom Advisor (CKA®)
• Certified Private Wealth Advisor (CPWA®) 
• Certified Public Accountant (CPA)
• Certified Retirement Counselor (CRC®)
• Certified Student Loan Professional (CSLP®)
• Certified Wealth Strategist (CWS®)
• Chartered Alternative Investment Analyst (CAIA®)
• Chartered Financial Analyst (CFA®)
• Chartered Financial Consultant (ChFC®)
• Chartered Life Underwriter (CLU®)
• Chartered Retirement Planning Counselor (CRPC®) 
• Chartered SRI Counselor (CSRIC®, where SRI is sustainable, responsible, and impact investing)
• Enrolled Agent (EA)
• Financial Solutions Advisor (FSA®)
• Master of Business Administration (MBA)
• Master of Science in Financial Planning (MSFP®)
• Master of Science in Personal Financial Planning (MSPFP®)
• Master of Science in Taxation (MST®)
• Master Planner Advanced Studies (MSAP^TM)
• Military Qualified Financial Planner (MQFP®)
• Personal Financial Specialist (PFS®)
• Registered Financial Consultant (RFC®)
• Registered Investment Advisor (RIA®)
• Registered Life Planner (RLP®)
• Retirement Income Certified Professional (RICP®)
• Wealth Management Certified Professional (WMCP®)

Each of these implies a different education, training, and/or focus. 

Some are academic degrees, while others are professional certifications.

Some take years to acquire, while others can be attained through short programs.

Some get paid by the hour, others by the type of service, and yet others by commissions and/or assets-under-management fees. Some even charge a combination of the above.

Some require the professional to be a fiduciary – putting their client’s best interest ahead of their own, while others don’t (though this doesn’t preclude them from acting with professional integrity).

What Do Financial Advisors Do for You?

In the broadest terms, a financial advisor will help you manage some, most, and potentially all aspects of your money. Some examples include:

• Estate planning
• Financial planning (e.g., retirement planning, education planning, risk management, cash flow analysis, and investments)
• Investment advice and management
• Risk management and insurance planning
• Tax-reduction strategy
• Tax-return preparation

Some may also help with business planning.

Do Affluent Americans Use Financial Advisors?

A recent survey conducted online by Logica Research for First Citizens Bank asked 1000 Americans with at least $500k investable assets (putting them in the 79^th net worth percentile or higher) various questions, including several about working with financial advisors.

Of the 1000 surveyed, 764 (over 76 percent) said they worked with a financial advisor.

The answer is thus “Yes” much more often than “No.”

Of those 764, 89 percent believe their advisor helped them grow their wealth faster than they would have on their own. 

Only three percent disagreed with that (the rest had no opinion).

In my case, the answer is also yes, because I work with an accountant.

What Are the Biggest Benefits of Working with an Advisor?

Asking the 764 who work with advisors what were the biggest benefits they derived, they answered:

• Feeling better prepared for the future (66 percent)
• Reducing stress (58 percent)
• Saving time (45 percent)
• Allowing them to focus on the important things in their life (43 percent)
• Having a plan for passing on wealth to heirs (29 percent)
• Not worrying about what happens when they die (15 percent)
• Not worrying about taxes (12 percent)

Of all these, if I ever hire a CFP, for example, feeling better prepared would rank highest for me, followed by not worrying about taxes. 

I’m too much of a detail-oriented-to the-nth-degree control freak to ever feel less stress or not worry if I handed our investment management and other financial planning matters to someone else.

I’d likely duplicate their work and if my conclusions were different from theirs, they’d better have a pretty darn compelling case!

What’s the Most Important Criterion When Picking an Advisor?

All 1000 were asked what they thought would be the most important thing to consider when choosing an advisor. Their answers were:

• Reputation (52 percent)
• Credentials/Certifications (48 percent)
• Fee structure (47 percent)
• Transparency (43 percent)
• Recommended by trusted people (33 percent)
• Confidentiality (25 percent)
• Personability (24 percent)
• Philosophical alignment (19 percent)

Why They Hired an Advisor

Those 764 who work with an advisor stated several reasons that led them to hire their advisor:

• Growing wealth (41 percent)
• Preparing for retirement (23 percent)
• Creating a financial plan (23 percent)
• Managing taxes (6 percent)
• Building an inheritance (6 percent) 

Personally, I’d rank them differently: transparency in the top slot, philosophical alignment, personability, reputation (especially among people I know who have similar financial circumstances), confidentiality, credentials, and fee structure.

When Did They Hire Their Advisor?

Those who work with an advisor first hired their advisor when they were, on average, 37 years old. There was some differentiation between generations – the 251 Millennials averaged age 29, the 208 Gen-Xers averaged age 36, and the 158 Boomers averaged age 43.

All 1000 were then asked what age they thought would be best to start working with an advisor. The most common answer was “Any age” at 38 percent. Another 32 percent recommend ages 26 to 40. The age range up to 25 was suggested by 26 percent. The remaining four percent thought the proper time would be at age 41 or older.

The overall average recommended age was 30.

Looking From the Other Side

I thought it would be interesting to see this from the perspective of financial advisors. 

So, I asked them.

The following are my questions and answers from several financial advisors.

Q1. In your experience, why do the wealthy use financial advisors?

Answers:

Chris Wilbratte, Echelon Financial responds, “The wealthy use financial advisors because they focus on their area of genius and delegate wealth management to advisors who are subject matter experts in their field. The wealthy want to be good stewards of their money. They often don’t have the time to focus on the markets and managing their money, so they hire advisors to ensure their money grows and is protected.”

Vincent D’Eletto, COO at Investment Insight Wealth Management points out, “Affluent Americans do use financial advisors, but their approach is often distinct from those who are still working toward financial independence. While many may seek advice on investments and retirement planning, affluent individuals tend to focus on more complex goals. These include philanthropy, managing multi-generational wealth, establishing succession plans, and fulfilling altruistic aims. For them, it’s not just about growing their assets but ensuring that their wealth aligns with their values and legacy for future generations. They seek a broader, more strategic approach that covers a wide range of financial and personal objectives.”

He continues with an example, “We’re currently working with a long-term affluent client who has already achieved financial independence. At this stage, the focus has shifted from traditional wealth building to establishing a philanthropic foundation that his family can oversee for generations. What’s particularly interesting is that he wants to remain actively involved in the investment decisions for the fund, so we’re creating a structure that allows him to guide the investment strategy while maintaining the foundation’s long-term objectives. This type of goal reflects how affluent clients often prioritize legacy planning and the integration of personal values into their financial strategies.”

Ray Prospero, Partner Advisor, AdvicePeriod agrees, “I’ve found that affluent investors choose to use a financial advisor because they tend to lead busy lives and prefer to delegate their financial management to a professional. By doing this, they are free to focus on their other priorities such as their career, family, and hobbies. Additionally, depending on the complexity of their finances, they can use the specialized expertise of their advisor to address areas such as tax planning and estate planning.”

Chris Magaña, Strategic Advisor & Principal, IMS Capital Management shares an interesting experience, “Our clients are incredibly sharp; they hire us because they know their time is better spent elsewhere, like growing their business, spending time with family, or diving into their passions. Lately, though, we’ve been attracting a different breed: business owners by day and hedge fund managers by night (or so I suspect). Their financial IQs are off the charts, and they genuinely enjoy digging into market details and Roth conversions. At first, I felt a little insecure; I didn’t believe our value proposition was strong enough for these clients, so I asked. Their responses surprised me. They said, ‘Sure, I love this stuff, but I won’t be around forever. What I need is peace of mind, knowing there’s a team I trust implicitly once I am gone.’ These folks know something about the meaning of true wealth, building a legacy with people you trust.”

Q2. What services do advisors offer beyond those listed above?

Answers:

Carman Kubanda, CFP^®, ChFC^®, Financial Planner at Innovative Wealth Building mentions one such service, “Good advisors are now incorporating tax planning into their routine services. Tax considerations are broad, and include, e.g., tax-loss harvesting strategies, Roth conversions, and even ‘I’m buying a new car what account should I pull from?’”

Jen Swindler, CFP^®, CDFA^®, AFC^®, Owner & Advisor at Money Illustrated elaborates, “When doing consultation calls with prospects, I often tell people that hiring an advisor is not a net-worth-driven decision, but more of a feeling. For example, you may have reached a point where you don’t feel like you can manage their finances fully on your own due to lack of sufficient time, interest, or knowledge; they have an awareness of their gaps in knowledge and feel they’re missing financial opportunities; you feel a sense of financial overwhelm and don’t know where to start. Because so many advisors today offer planning options where an asset minimum isn’t required, it’s become much more approachable to the mass affluent. If you’re experiencing financial overwhelm, searching for an advisor who offers what you need at a price you can afford is much more doable.”

She then lists several lower-cost or free options, “Many people assume that financial advisors are primarily for asset management, but today, many advisors offer behavioral coaching, budgeting, debt management planning, student loan analysis, and advising while you’re building wealth. If you’re in a situation where you’re struggling to pay bills, are taking on debt to make ends meet, and can’t afford a financial advisor’s fees, an AFC®, qualified financial coach, or free counseling center would likely be better options. Looking for an AFC® through a program like AFCPE is a great place to start.”

Stephan Shipe, Ph.D., CFA, CFP^®, CEO, Financial Advisor, Scholar Financial Advising says, “Tax strategy and efficiency are important considerations for wealthy clients. Many wealthy clients require advice on non-financial market assets such as real estate, alternative investments, or closely held businesses. Legacy goals also include the advisor helping prepare family members for inherited wealth.”

Q3. What is the profile of the ideal client for an advisor?

Answers:

Kubanda says, “An ideal client would be responsive and willing to listen to the advice they’re given.”

Omen Quelvog, MQFP^®, Financial Advisor with Clear Insight Wealth Management offers an interesting take on this, saying, “The classic answer to matching an ideal client to an advisor is, ‘It depends.’ That’s the beauty of the financial advising profession. As a client with a need, their ideal advisor is often related to the client’s profession or background. Whether a doctor, military veteran, business owner, farmer, etc., each profession has nuanced benefits an advisor would be expected to know to be deemed competent and trusted. The most advantageous service offered that is difficult to articulate in any marketing campaign, is the intangible benefits of an unemotional third party assessing your overall financial health. With that assessment comes the provision of permission, assurance, and comfort, knowing you have a trusted resource in your corner.”

Lawrence D. Sprung, CFP^®, Founder, Wealth Advisor at Mitlin Financial shares his take, “When starting with a financial advisor the fit should be high on your list. If there’s no fit, there’s no relationship. What I mean by this is that you want to be sure the challenges and goals you are looking to work through with the advisor are things they have experience helping other families work through too. If the advisor has little or no experience in the areas where you want help, that advisor will not be a good fit. Our firm will not move forward with a family unless we feel confident that we can assist them through the opportunities and challenges they face. This allows us to build long-term meaningful relationships with the family and ensure we do not create a situation where we over-promise and under-deliver. We prefer to under-promise and over-deliver.”

David Nash, CFP^®, founder of Tend Wealth says, “The ideal client for a financial advisor is someone who values saving time and achieving peace of mind, particularly as their income and wealth grow. Small mistakes or missed opportunities can have compounding effects, leading to more significant issues down the road. A good advisor is patient and available to explain your options, helping you make more informed decisions about the trade-offs involved in various tax-saving and investment strategies. Even W-2 employees with high earnings can benefit from working with an advisor who applies a tax-sensitive investment approach. Effective tax planning around retirement contributions and withdrawals, spanning both their working and retirement years, can result in significant tax savings over time.”

Matthew R. Pogirski, CFP^®, AAMS^™, founder of Unburdened Financial Planning offers a more spiritual approach, “Our ideal client is someone who knows that peace is not found in possessions or things. Peace is found in knowing and being known. As a Christian, this starts with a relationship with Jesus, but also our relationship with ourselves and others. Our ideal client knows they are not at peace but need help in achieving peace by being known and having a plan that helps them realize who they truly are.”

Q4. Who should not hire an advisor?

Answers:

Pogirski is clear on this, “Someone who is trying to beat the market, buy a hot stock, or pursue quick gain as their goal in life is not a good fit for us as advisors.”

Nash agrees and cautions, “You shouldn’t hire an advisor if you expect them to help you get rich quickly through exclusive investments unavailable to you otherwise. Some advisors may try to promote their ‘proprietary’ approach or sell you complex investment products that often come with higher fees or commissions. It’s easy for advisors to make promises and then take unnecessary risks with your money, hoping for positive outcomes.”

Q5. What should a client expect when starting to work with an advisor?

Kubanda says, “When starting to work with an advisor, you should expect to dive into all matters financial and familial. The more information your advisor has, the better they can guide you and help you reach your goals.”

Pogirski agrees, “A new client should expect their advisor to take time, a lot of time, to get to know them. To understand who they are. This involves asking deep questions about how they feel about money.”

Nash expands, “When starting with a financial advisor, you should expect a series of meetings to review your current financial situation and explore your short-term and long-term financial goals. During this process, the advisor will gather all the necessary information to create a personalized financial roadmap that guides you from where you are to where you want to be. While the initial process might feel intense, once it’s complete, the advisor can alleviate much of the burden, offering you sound financial guidance and a clear path forward.”

Magaña gives his take, “A great advisor sets clear expectations from the jump. Their focus should be helping clients master what’s within their control, like tax efficiency, smart diversification, strategic gifting, and proper asset allocation. A great advisor shouldn’t waste time obsessing over what’s beyond your control, like short-term market wiggles, inflation spikes, or today’s panic-inducing market headlines. That’s why capitalism gave us the Wall Street Journal and the Financial Times.”

Is a Financial Advisor Right for All Wealthy Americans?

Not everyone will need a financial advisor.

If your only income is from W2 wages, your tax returns are likely so simple that preparing your returns with the help of tax prep software would be quick, easy, and just as good as what you’d get by paying a CPA much more than the cost of the software.

If your investing philosophy is that low-cost index ETFs are all you need since you don’t believe active investing can beat the market over the long haul, why would you want to pay an investment manager?

However, if your financial situation is complex, if you want to try and beat the market over years and decades (a tall order), or if you have a significant net worth and want to protect that wealth, hiring a financial advisor of one sort or another (or several different professionals) would be very helpful.

Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

About the Author

Opher Ganel, Ph.D.

My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs. Along the way, I started other micro businesses and helped my wife start and grow her own Marriage and Family Therapy practice. Now, I use all these experiences to also offer financial strategy services to help independent professionals achieve their personal and business finance goals. Connect with me on my own site: OpherGanel.com and/or follow my Medium publication: medium.com/financial-strategy/.

Learn More About Opher

Wealthtender Study of $100K+ Households Seeking Financial Advice

August 2025: A survey of 500 U.S. adults with household incomes over $100,000 reveals that most consumers will use online resources to find or compare financial advisors before making a hiring decision even after receiving a referral, and most won’t shy away from advisors using Artificial Intelligence (AI) tools.

If you’re thinking about hiring a financial advisor, you may want to know how others plan to approach the process. In late July 2025, Wealthtender surveyed 500 U.S. adults earning over $100,000 who plan to hire an advisor within the next five years to understand exactly how they intend to start their search, create a shortlist, and choose one advisor over another.

This report reveals how the advisor search is evolving, the online tools people trust most, and what clients think about advisors using AI. You’ll also find practical tips to guide your own search, so you can confidently find and hire the right advisor for your unique needs.

Five Key Takeaways:

1. While many Americans start their search for a financial advisor with a referral from friends or family, almost everyone will dig deeper: 97% plan to interview multiple advisors and 96% will do further research online before making a hiring decision.

2. To decide if an advisor is the right fit, the most popular next step for 83% of respondents is to research the advisor’s reputation by looking for online reviews and awards, followed by an introductory call with the advisor (73%) and visiting the advisor’s website (72%).

3. Before contacting an advisor, survey respondents said the two most important pieces of information they want to know are the advisor’s areas of specialization (64%) and fee/pricing structure (62%).

4. Most respondents are generally comfortable with advisors using artificial intelligence (AI) tools to streamline admin tasks, somewhat comfortable with AI to help generate personalized financial plans, though uncomfortable with investment decisions outsourced to AI.

5. A third of respondents said an advisor’s location is not a factor as they prefer to meet exclusively online.

🔎 For a deeper dive into the eligibility criteria, study data and design, jump to the Study Details & FAQs.

Before we dive into the details, it’s important to note that this study intentionally excluded many respondents who work with a financial advisor today and said they are satisfied with no plans of making a change. (This finding is not a surprise as our 2025 Voice of the Client Study reflects overwhelming consumer satisfaction with advisors based on their online reviews.)

1. Where People Start Their Search for a Financial Advisor

Finding the right financial advisor can feel overwhelming, but you’re not alone in wondering where to begin. The good news? Most Americans start their search in predictable places, and you can follow a similar roadmap to find the right advisor for you, too.

In the chart below, you’ll see how people said they plan to start their search for an advisor. Survey participants were not limited to a single response since many people plan to use multiple resources to find and evaluate advisors.

Personal connections lead the way… When it’s time to find a financial advisor, 62% of people will turn to their most trusted source first: friends and family. There’s something reassuring about getting a recommendation from someone you know and trust, especially when it comes to your financial future. Nearly half (49%) will also reach out to other professionals in their network (e.g., accountants, attorneys, or their bank) recognizing that these experts often have valuable insights about reputable advisors.

… But technology is catching up fast. Online search is quickly becoming just as important as word-of-mouth recommendations. Half of all survey participants plan to use traditional search engines like Google or Bing to find potential advisors. This isnt surprising as people want to know what’s out there beyond just the one or two names of advisors they may hear recommended by family or friends.

AI tools like ChatGPT are quickly becoming a go-to research resource. Even though AI search tools like ChatGPT have only recently gained mainstream consumer adoption, 25% of people plan to use ChatGPT, Gemini or other AI-powered tools to start their advisor search. This represents a major shift in how people find advisors. Unlike a simple search entered into Google (e.g., “financial advisors near me”), consumers using ChatGPT are much more likely to create detailed prompts personalized to their unique needs (e.g., “I’m looking for a highly rated financial advisor based in the Chicagoland area who specializes in helping Abbvie employees transition into retirement.“).

Online directories and social media platforms gain popularity. Online advisor directories like Wealthtender will be used as a starting point by about one-third of consumers (32%), while social media platforms like LinkedIn, Reddit, and Facebook influence about 22% of people.

Many people appreciate opportunities to learn. Educational events like online webinars (19%) and in-person seminars (18%) hosted by advisors in their local communities also play a valuable role, especially for those who want to get a feel for an advisor’s expertise and communication style before arranging an introductory meeting.

2. Almost Everyone Will Research Multiple Advisors Online Before Hiring One

Even if your best friend or next door neighbor raves about their financial advisor, you shouldn’t hire them without doing your homework first. And you’ll be in good company as 96% of people in our survey said they would still research an advisor even if that advisor came highly recommended.

A related insight worth considering is that almost all survey participants plan to evaluate multiple advisors before choosing who to hire.

3. How People Determine an Advisor’s Reputation and Trustworthiness

When you’re evaluating potential financial advisors, certain factors consistently signal trustworthiness and competence. Understanding what matters most can help you focus your research and avoid potential red flags.

Fee transparency tops the trust list. The most important factor for building trust? Clear, upfront communication about costs. Nearly three-quarters (73%) of survey participants said transparency in fees and services is crucial for establishing an advisor’s credibility. If someone is going to help you manage your money, you need to know exactly what you’ll pay for that service. Hidden fees or vague pricing structures should immediately raise red flags.

Credentials provide objective credibility. Professional certifications like the CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) designations matter to 63% of people, and for good reason. These certifications require extensive education, rigorous testing, and ongoing professional development. They’re not just letters after a name, they represent a significant commitment to professional standards and ethical behavior.

Responsiveness indicates how you’ll be treated as a client. More than half (57%) of survey participants view quick response times to inquiries as a key trust indicator. Think about it: if an advisor takes days to return your initial call when they’re trying to win your business, what kind of attention will you receive once you’re a client?

Professional presentation matters, but it’s not everything. While 49% value a professional, user-friendly website, this factor ranks lower than substantive credentials and transparency. A sleek website is nice, but it can’t substitute for expertise and ethical behavior. Regardless, as more consumers express comfort with advisors willing to meet online and use AI tools to enhance their service offering, an outdated website could represent a potential red flag if you expect your advisor to make use of newer technologies to improve the client experience.

Reviews from real clients carry significant weight. Just over 60% of participants consider positive online reviews from independent websites like Wealthtender essential for evaluating an advisor’s reputation. Unlike testimonials on an advisor’s own website, independent reviews offer unfiltered perspectives from actual clients. They can reveal how advisors help their clients navigate challenging life transitions, communicate during stressful times, and follow through on commitments. You should also expect to see disclosures that indicate if the person who wrote each review is a client of the firm, if they were compensated to write the review, and if any conflicts exist that may have influenced the reviewer to write a more favorable testimonial. The Securities and Exchange Commission (SEC) that regulates financial advisors requires these disclosures so consumers can determine how much weight to give each review in their overall evaluation.

What about client testimonials on advisor websites? Only 36% of people consider these important for reputation assessment. This lower ranking makes sense as consumers have become accustomed to seeing just the most positive testimonials on business websites that don’t provide the balanced perspective you’d get from independent review sites. With this said, the SEC established a rule in 2021 to address this issue. Specifically, the SEC requires that advisors who choose to display only a handful of self-picked testimonials on their website also link to an online location where you can read all of their reviews (e.g., their Wealthtender profile page). Testimonials you read on an advisor’s website can be useful, but make sure to look for a link to a page where you can read a complete list of their reviews to learn what all clients have to say about their experience, not just a select few.

4. From Online Meetings to Artificial Intelligence: Consumer Preferences are Evolving

As consumer preferences for advisor meetings evolve and comfort levels with artificial intelligence increase, financial advisors are embracing new technologies, from video conferencing tools to the use of AI apps in certain areas of their operations.

Location flexibility is becoming the new normal. One-third of survey participants said an advisor’s physical location doesn’t matter because they prefer to meet exclusively online. This represents a fundamental change in how financial relationships can work. For many people, the ability to work with the best advisor for their needs, regardless of geography, outweighs the traditional preference for in-person meetings. Of course, many people still said they want their advisor to be local, but expressed a preference for meetings to be conducted online.

AI as a helpful assistant gets the thumbs up. The survey reveals nuanced but generally positive attitudes toward advisors using artificial intelligence tools. People are most comfortable when AI enhances human capabilities rather than replacing human judgment. For example, 77% of respondents feel comfortable (either very or somewhat) with AI monitoring their accounts for unusual activity to prevent fraud, a clear safety benefit where AI’s pattern recognition excels.

Data analysis and administrative tasks are AI-friendly zones. Nearly three-quarters (74%) are comfortable with AI analyzing market data to inform investment recommendations, and 74% approve of AI drafting routine client communications like email summaries. These applications make sense: AI can process vast amounts of information quickly and handle repetitive tasks, freeing up advisors to focus on financial plans and spend more time in conversations offering personal guidance.

Meeting transcription solves a real problem. A substantial 74% of people are comfortable with AI recording and transcribing meetings for note-taking and accuracy. Anyone who’s ever sat through a complex financial planning discussion knows how valuable it would be to have comprehensive notes afterward. AI can capture the important details while the advisor focuses on the conversation.

Investment decisions still need human oversight. Here’s where comfort levels drop significantly: only 45% feel comfortable with AI making automated investment decisions without direct human oversight. This suggests people want AI to inform and assist, but not to make final calls about their money independently. The preference is clear: AI as a powerful tool in human hands, not as an autonomous decision-maker.

AI-Assisted Financial planning gets cautious approval. About 64% are comfortable with AI generating personalized financial plans and projections for retirement or budgeting, though this drops to the lower end of comfort zones. People seem to recognize AI’s ability to run complex calculations and scenarios while still wanting human interpretation and guidance.

5. Contacting Advisors: What People Expect and Want to Know First

Before you pick up the phone or send that first email to a potential financial advisor, people want to know several key pieces of information to ensure they feel prepared for an initial conversation.

Specialization and pricing top the pre-contact wish list. When people are considering reaching out to an advisor, the two most important pieces of information they want to know first are the advisor’s areas of specialization (64%) and their fee structure (62%). This makes practical sense as you’ll want to know if the advisor actually helps people in situations like yours, and you want to understand what their help will cost.

Experience and services offered are close behind. Nearly six in ten people (58%) want to know about the advisor’s years of experience and credentials, and a similar number (58%) want to understand what services are offered (e.g., estate planning, insurance, tax strategies, etc.). People are looking for both competence and comprehensive service.

Reviews matter as much as referrals. Half of survey participants (50%) want to read reviews from other clients before making initial contact. This reinforces just how important online reputation has become in the advisor selection process. Even if someone recommended an advisor to you, you’ll want to see what other clients have said about their experience and if the reviews resonate with the type of experience you’re looking for in an advisor.

The practical details can’t be ignored. More than a third of respondents want to know about the advisor’s location and meeting options (38%) and regulatory history (34%) before making contact. About one-third (32%) specifically want confirmation that the advisor will act as a fiduciary (e.g., legally bound to put your interests first). While these figures may appear lower than one might expect, we would speculate it’s not that these factors are less important to consumers, rather that a clean regulatory history and an advisor’s commitment to acting in your best interest are table stakes. With this said, these factors are too important to make assumptions, so you should always take the time to review an advisor’s regulatory profile and confirm their stance on acting as a fiduciary before making a hiring decision.

Response time expectations are higher than you might think. When you do reach out to an advisor, nearly half of survey participants expect a response within 24-48 hours. Another significant portion expects even faster responses. This reflects our increasingly connected world where prompt communication signals professionalism and client service orientation.

Most people are comparison shopping, so advisors need to stand out quickly. Remember, 97% of people plan to contact multiple advisors before making a hiring decision. This means advisors are competing not just on expertise and fees, but on how quickly and effectively they respond to initial inquiries. For you as a consumer, this competition works in your favor as you should expect prompt, thorough responses to your questions.

6. Red Flags and Reasons for Choosing One Advisor Over Another

After you’ve researched several advisors and had initial conversations, how do you make the final decision? The survey reveals clear patterns in what wins people over and what sends them running in the other direction.

Pricing clarity can be a dealbreaker (or deal maker). Nearly half of survey participants (48%) said pricing and overall anticipated costs are among the top three factors that lead them to choose one advisor over others. This isn’t necessarily about finding the cheapest option, it’s about understanding exactly what you’ll pay and feeling confident you’re getting good value. Transparent, reasonable pricing gives you peace of mind and helps you budget for this important expense. If you’re interested in hiring an advisor whose low-cost pricing model resembles what Spirit Airlines might charge if they offered financial advice, think twice about whether you really want to prioritize the absolute lowest cost vs. finding an advisor with the knowledge and capabilities to deliver a value proposition that may be well worth the extra cost.

Responsiveness signals future service quality. More than four in ten people (43%) consider an advisor’s responsiveness and availability among their top decision-making factors. Think about it: if an advisor returns your calls quickly and thoroughly answers your questions during the courtship phase, they’ll likely maintain that level of attention after you become a client. Conversely, if they’re slow to respond while trying to win your business, that’s probably how they’ll treat you later too.

Specialized expertise trumps general knowledge. Just over 41% of participants prioritize “depth of experience or specialization in my situation” when making their final choice. This finding reinforces the importance of finding an advisor who regularly works with people facing similar challenges to yours. The advisor who specializes in helping small business owners navigate retirement planning might be a better choice than a generalist, even if the generalist has more years of experience.

Professional credentials provide objective differentiation. One-third of survey participants (33%) consider professional certifications like CFP or CFA among their top three selection factors. When you’re comparing advisors who seem similar in other ways, credentials can be the tiebreaker that indicates deeper expertise and commitment to professional standards.

Philosophy alignment creates confidence. Nearly 33% of people want their advisor’s investment philosophy to align with their own views and comfort level. Some people prefer conservative, steady approaches while others are comfortable with more aggressive strategies, may prefer socially responsible investments, digital asset knowledge, etc. Finding an advisor whose natural style matches your preferences can prevent conflicts and second-guessing down the road.

The red flags that kill deals: On the flip side, certain advisor behaviors consistently send people looking elsewhere. Pushy or aggressive sales tactics top the list, mentioned by 53% of participants, as a major red flag. Nobody wants to feel pressured into financial decisions, especially by someone asking them to hand over control of their money.

Transparency failures are relationship killers. Just over 38% of people consider lack of transparency about fees or commissions a major red flag. If an advisor can’t or won’t clearly explain their pricing structure, how can you trust them with more complex aspects of your financial life?

Communication problems predict future frustration. Poor communication or responsiveness during the hiring process signals future problems, according to 38% of survey participants. If an advisor is hard to reach, slow to respond, or unclear in their explanations now, these issues are unlikely to improve once they have your business.

Trust your instincts. More than one in four people (27%) said a “bad gut feeling” or lack of trust during the initial meeting would make them hesitant to hire an advisor. Sometimes the credentials look good and the fees seem reasonable, but something just feels off. Trust that instinct as you’ll be sharing intimate financial details with this person, so comfort and confidence are essential.

7. Why Americans Plan to Hire a Financial Advisor

Understanding why people seek financial advice can help you clarify your own needs and find an advisor who specializes in your particular situation. The survey reveals clear patterns in what drives people to seek professional help.

Retirement planning dominates the priority list. When asked about their most important financial goals, 63% of survey participants mentioned retirement planning and income strategies. Retirement planning involves complex decisions about lifestyle aspirations for your golden years, savings rates, workplace retirement accounts, taxes, investment allocation, Social Security timing, and withdrawal strategies, so it’s not a surprise this continues to rank at the top. Many people recognize they need professional guidance to navigate these decisions confidently.

Investment management follows closely behind. Just over half (53%) of respondents want help with investment management and portfolio growth. While online platforms have made it easier to buy and sell stocks and other types of investments, many people still want professional guidance on asset allocation, risk management, and adapting their strategy as markets and personal circumstances change.

Tax optimization offers concrete value. Nearly 30% of people seek help with tax planning and optimization, an area where professional guidance can often pay for itself. A skilled advisor can help you understand tax-efficient investment strategies, retirement account contributions, and timing of financial decisions to minimize your tax burden.

Estate planning provides peace of mind. About one in four participants want assistance with estate planning and wealth transfer strategies. These decisions can be emotionally charged and legally complex, making professional guidance particularly valuable for ensuring your wishes are properly documented and your family is protected.

The most valuable role an advisor can play: When asked what they see as the most valuable role a financial advisor can play in their life, nearly half (49%) said “helping me plan for long-term goals like retirement and education.” This reinforces that people are looking for strategic, big-picture guidance rather than just stock picking or transactional services.

Expert investment advice ranks second. About 34% consider “providing expert investment advice” the most valuable advisor role. This suggests people want professional insight on portfolio construction and market navigation, but they see it as part of a broader planning relationship.

Reducing financial stress matters significantly. More than one in four people (28%) said “helping me feel less financial stress and anxiety” is the most valuable role an advisor can play. This finding highlights emotional factors that investing apps and robo-advisors can’t provide: The peace of mind that comes from having a professional help you navigate financial decisions. Our 2025 Wealthtender Voice of the Client Study reinforces these findings, as nearly 90% of client reviews written about financial advisors focus on relationship quality, planning advice, and emotional factors, while only 1 in 10 reviews centers on investments or portfolio management.

Planning and optimization round out the priorities. About 27% want help “optimizing taxes and savings,” while 17% value “keeping me accountable and on track.” These responses suggest people recognize that good financial outcomes require both smart strategies and consistent execution.

The holistic value proposition: What emerges from this data is a picture of Americans who want comprehensive financial guidance, not just investment management. They’re looking for professionals who can help them plan for major life goals, optimize their tax situation, reduce financial anxiety, and stay accountable to their long-term objectives.

Finding the right fit for your needs: If retirement planning is your primary concern, look for advisors who specialize in that area and can show you examples of retirement income strategies they’ve developed for other clients. If investment management is your focus, seek out advisors with strong portfolio management credentials and a clear investment philosophy that aligns with your risk tolerance.

8. Are You Ready to Hire an Advisor?

If you’ve made it through this entire report, you’re probably serious about finding a financial advisor sooner rather than later. The data we’ve reviewed provides ample insights into the ways many Americans plan to find and hire advisors, but it’s important to remember that everyone’s circumstance are unique, including yours.

Throughout this survey, we’ve seen that people who work with financial advisors tend to be satisfied with the relationship and our Wealthtender Voice of the Client study shows overwhelming positive sentiment in actual client reviews. Of course, it’s important to ensure you find the right advisor and we hope the insights shared in this report provide you with the confidence to start your own search knowing your odds of hiring the best advisor for you improve dramatically when you take the time to evaluate multiple advisors, ask the right questions, read their reviews, and not feel pressured to making a hiring decision until you find an advisor who you feel enthusiastic about working with for potentially decades to come.

You now have a data-backed search strategy. The survey data provides ideas to inform your own approach to finding the right advisor:

• Start with referrals from trusted friends, family members, and professionals in your network
• Use online resources to research potential advisors, including search engines like Google, advisor directories like Wealthtender, and AI tools like ChatGPT
• Focus on advisors who specialize in your particular needs and life stage
• Prioritize fee transparency, professional credentials, and positive client reviews
• Plan to contact 2-3 advisors (or more) to compare your options
• Trust your instincts about communication style and personal comfort level

The timing might be right. If you’re currently thinking about retirement planning, investment management decisions, tax optimization opportunities, or simply want to reduce financial stress, you’re facing the same challenges that drive most people to seek professional guidance. The fact that you’re researching this topic suggests you’re at a point where professional advice could add significant value.

Your expectations are realistic. You now know that finding the right advisor takes time and research. You understand that most people contact multiple advisors before making a decision. You’re prepared for the fact that good advisors will be transparent about their fees, responsive to your questions, and focused on understanding your specific situation rather than pushing one-size-fits-all solutions.

The technology landscape works in your favor. You’re comfortable with advisors using technology to enhance their service: AI for data analysis, online meeting platforms for convenience, and digital tools for account monitoring. On the other hand, most people still believe that human oversight and personalized guidance remain essential for important financial decisions.

Consider your readiness factors:

• Do you have specific financial goals that would benefit from professional guidance?
• Are you comfortable investing the time to research and interview multiple advisors?
• Do you have realistic expectations about fees and the value a financial advisor can deliver?
• Are you ready to be honest about your financial situation and openly communicate your goals with a professional?
• Do you understand that working with an advisor is a long-term relationship, not a quick fix?

If you answered “yes” to most of these questions, you’re probably ready to start your search. Use the insights from this report to guide your research, and remember that the goal isn’t just to find any advisor, it’s to find the right advisor for your unique situation and needs.

Get to Know Wealthtender

Wealthtender is a leading personal finance publication and financial professional discovery platform dedicated to helping people like you enjoy life more with less money stress.

In the last year, half a million people visited wealthtender.com looking for financial guidance. Around 50,000 people visit Wealthtender each month to make smarter money moves and discover financial advisors on Wealthtender based on the criteria most important to their unique needs.

Our independence lets us feature financial advisors with a greater diversity of backgrounds and experience than typically found on other find-an-advisor sites.

In 2021, Wealthtender launched the industry’s first financial advisor online review platform to help consumers make more informed hiring decisions.
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Wealthtender 2025 Study Design & FAQs:
$100K+ Households Seeking Financial Advice

Wealthtender conducted its 2025 Study of $100K+ Households Seeking Financial Advice through Pollfish during the last week of July 2025. Pollfish uses organic mobile and web app sampling to reach respondents, providing access to a diverse, representative sample of the target demographic.

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian

Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) represents the most sweeping tax overhaul in recent years—since President Trump’s first-term Tax Cuts and Jobs Act (TCJA). Clocking in at more than 1,000 pages, the bill makes major changes to the U.S. tax code, extending and reshaping key provisions from the 2017 TCJA while introducing new deductions and programs aimed at families, retirees, and working professionals.

With many of the OBBBA provisions already in effect, now’s the time to familiarize yourself with what’s changed and how it could impact your finances or upcoming tax return. Below is a breakdown of some of the most impactful provisions to pay attention to as you review your strategy.

Tax Cuts and Jobs Act Changes Extended

One of the most prominent and sweeping changes enacted in the OBBBA is the decision to make TCJA-era tax rates permanent. Without this update, the lower individual income tax rates would have expired at the end of 2025, reverting back to higher pre-TCJA levels (though income brackets would have likely been adjusted for inflation). Instead, the current seven-bracket structure remains in place, with a top marginal rate of 37% and expanded income thresholds for each bracket.

The standard deduction also remains elevated—even receiving a small boost in 2025 as it increases to $15,750 for single filers and $31,500 for joint filers this year.

The TCJA originally doubled the federal estate tax exemption limit in 2018, and the OBBBA has made that increase permanent. In 2025, the federal estate exemption limit is $13.99 million per person or $27.98 million per couple.

Expanded SALT Deduction Cap

The previous $10,000 state and local tax (SALT) deduction cap, which has long been a pain point for residents of high-tax states, increases to $40,000 starting in 2025. There will be an additional 1% increase each year between 2026 and 2029, meaning the 2026 deduction cap will be $40,400 and so on.

However, taxpayers with a modified adjusted gross income (MAGI) above $500,000 will be subject to a gradual phase-out deduction—though the deduction won’t drop below $10,000 for high earners.

Child Tax Credit Increase

The Child Tax Credit, which was set to revert back to $1,000 per child in 2026, has instead been increased to $2,200 per child beginning in 2025. This credit is indexed for inflation and could offer significant savings for families with multiple dependents. As of now, the higher credit amount is set to expire at the end of 2028.

Charitable Contributions

Taxpayers making small annual donations to charity will now be able to deduct a portion from their tax return, even if they don’t itemize. Starting in 2026, you’ll be able to claim up to $1,000 (or $2,000 if filing jointly) as an above-the-line deduction for contributions to a qualifying charity or organization.

If you choose to itemize instead, you’ll still be able to deduct charitable contributions, but only if they exceed 0.5% of your adjusted gross income (AGI). This new “floor” goes into effect in 2026, so you’ll need to clear that threshold before your deductions start counting. If you’re already planning a sizable gift, accelerating that donation into 2025 may help you avoid the AGI floor and take full advantage of current rules. Donor Advised Funds (DAFs) can also offer flexibility by allowing you to claim the deduction this year while distributing the funds to charities over time.

It’s also worth noting that beginning in 2026, charitable deductions for taxpayers in the top income bracket will be capped at 35%, a drop from the current allowance tied to your marginal rate.

Looking ahead, starting in 2027, taxpayers can also claim a 100% tax credit of up to $1,700 for donations made to eligible scholarship-granting organizations. That means you could directly support access to education for underserved families while receiving a dollar-for-dollar credit on your tax return.

Any unclaimed charitable deductions may still be carried forward to the next tax year, but with new thresholds, caps, and credits taking effect over the next few years, it’s a good idea to revisit your giving strategy now.

New Deductions Introduced in the OBBBA

While some credits and deductions have been revised or expanded, the OBBBA introduced quite a few new provisions as well for qualifying taxpayers.

Super Deduction for Seniors

For taxpayers age 65 and older, the OBBBA introduces a new “super deduction,” which will be available for the 2025 through 2028 tax years. Eligible seniors with income under $75,000 ($150,000 for couples) will be able to claim an additional $6,000 standard deduction. If both spouses are over 65 and within the income limits, they’ll be able to claim $12,000 total. However, if one spouse is over 65 and the other is not, the super deduction will remain at $6,000.

This added deduction phases out gradually for those with higher incomes, but it does create a small tax break for those middle-income retirees who plan on taking the standard deduction (rather than itemizing).

Tips and Overtime Deductions

The OBBBA introduces new above-the-line deductions for service industry tips and qualifying overtime income. Workers, including those who opt for the standard deduction, can now deduct up to $25,000 in reported tips and up to $12,500 ($25,000 for couples) in overtime income. These provisions start to phase out for those with adjusted gross incomes above $150,000 (or $300,000 for joint filers).

Auto Loan Interest Deduction

A first at the federal level, taxpayers earning under $100,000 ($200,000 joint) can deduct up to $10,000 in interest on loans for U.S.-assembled, non-commercial vehicles. This measure is set to expire after 2028, and there is a phase-out for the deduction for those with AGIs between $100,000 and $150,000 (or $200,000 and $250,000 for joint filers).

Trump Accounts for Children

Parents of children born between January 1, 2025, and December 31, 2028, will be able to open a Trump account through the federal government. In doing so, they’ll receive a one-time $1,000 federal contribution and can contribute up to $5,000 per year until the child turns 18.

While there’s no tax deduction for contributions, the funds grow tax-deferred and can be used for higher education, training, first-time home purchases, or small business costs once the child turns 18. Between ages 18 and 25, the child may withdraw up to 50% of the account’s balance for those qualified purposes without triggering taxes or penalties. At age 25, they can withdraw the full amount. And by the age of 30, funds can be used for any purpose without incurring a tax penalty.

Unpacking the Big Beautiful Bill

The One Big Beautiful Bill Act lives up to its name in terms of size and complexity. While it extends popular tax cuts and introduces new planning opportunities, it also makes proactive tax planning more important than ever.

Since many of these changes went into effect immediately, it’s worth revisiting your tax strategy sooner rather than later. Together, we can take a closer look at the provisions mentioned here and find new opportunities to reduce your tax burden and grow your wealth.

This article was originally published here and is republished on Wealthtender with permission.

About the Author

Sean Gerlin, CFP®, CPWA®, ChFC®, CLU® Creating Clarity Out Of Complexity

Sean Gerlin, CFP®, CPWA®, ChFC®, CLU® | Envision Wealth Planners

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