While more Americans are concerned about their finances now than they were two years ago, they're not flocking to financial planners for help, according to a survey by the Certified Financial Planner Board of Standards, released Tuesday.
More than 43% of Americans said that financial planners are "more important" since the financial crisis hit, but the overall use of planners has been almost stagnant. About 28% of the population uses a planner now, down from 29% two years ago, according to the survey of 1,002 respondents.
People may be overwhelmed at taking the first step in choosing someone to manage their money during a volatile time, or they may have the impression that financial planners are just for the wealthy, said Robert Glovsky, chairman of the CFPBS and president of Mintz Levin Financial Advisors in Boston.
"We would have expected to see people going to financial planners," Glovsky said. "People are realizing they need help, but they don't know where to turn. It's hard to find someone to trust and work with."
About 65% of Americans said they're more worried about their money now than they were two years ago, according to the survey. Still, about 37% said they expect to see their situation improve in the next six months, while 46% said they expect to hold onto what they currently have and 16% expect to lose money in the next six months.
When asked about the overall economy, about 44% of respondents said they expect it to improve in the next six months, while 28% said things will get worse, and 22% said they expect no change.
The top three financial planning issues for Americans are retirement, education costs, and savings, according to the survey.
http://www.marketwatch.com/story/despite-money-fears-few-hire-a-financial-adviser-2010-07-14?siteid=nwhpm
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