It’s not that Americans don’t want advisors, it’s that Americans think advisors don’t want them.

According to recent research from New York-based TIAA, most Americans aren’t seeking advice because they feel they have not saved enough to access an advisor.

According to the 2016 “Advice Matters Survey,” 49 percent of those surveyed think they need at least $50,000 in savings to justify meeting with a financial advisor.

Last year, when asked the same question, 45 percent of respondents believed that they needed more than $50,000 in savings before speaking with an advisor.

TIAA says that only 48 percent of its respondents had received professional financial advice, but 71 percent were interested in receiving it.

The gap between interest in advice and action widened with respondents’ age and income. TIAA says that only around 45 percent of millennial respondents, aged 18 to 35, have received advice even though 82 percent expressed interest in meeting with an advisor. Similarly, 30 percent of survey participants with annual incomes less than $50,000 have received advice, but 61 percent of that group expressed interest in it.

When respondents who had never met with an advisor were asked why, 34 percent said it was because they don’t have enough money to invest.

Fifty-nine percent of the respondents said that meeting with an advisor before age 35 is most ideal. That figure jumps to 80 percent among millennial respondents.

Of the respondents who have already met with an advisor, 77 percent say they wish they had received advice sooner.

When asked what would motivate them to use an advisor, fee transparency was the most important element for TIAA’s respondents. Twenty-nine percent of survey participants said they would be more likely to work with an advisor if they had a clear understanding of how they would be charged.

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