Investors who sought guidance from an advisor during the 2008 financial crisis overwhelmingly found that advice to be more helpful than any they got from another source.

Thirty percent of respondents surveyed by Fidelity got help from a financial advisor during the crisis, and 90 percent of those investors rated that guidance as helpful, topping advice from any other source. As a result of the financial downturn, nearly one-quarter (23%) of respondents rely more on a financial professional now than they did in the past, according to Fidelity's Five Years Later survey.

“We have, for some time, been talking about a bull market for financial advice. To have almost 25 percent of respondents say they are going to use a financial professional more in the future than they have in the past is proof positive,” says Scott Couto, president of Fidelity Financial Advisor Solutions.

The study, released today, reveals that 47 percent of respondents who worked with an advisor felt better prepared financially before the crisis, compared with 37 percent who did not use one. After the crisis, 66 percent felt better prepared, versus 53 percent of those who did not use one.

Five years later, the majority of respondents say they have altered their financial mindset and investment behavior. Fifty-six percent of investors believe that it’s their responsibility to prepare for retirement. Fidelity says this reflects an increasing shift in individuals’ recognition that they must take greater interest and control of their personal finances. “At Fidelity, we’ve seen about a 15 percent increase in individuals' usage of online tools, which is significant,” says Couto. “It says the investor is becoming more engaged; they’re taking more responsibility for their financial future, including, but not limited to, retirement.”

According to Fidelity, actions investors have taken to better prepare for their futures include:

• Forty-two percent have increased their contribution rates to their 401(k), IRA or health savings account, and more than half (55 percent) agree that they feel better prepared for retirement than before the crisis. 

• Forty-nine percent said they have decreased their personal debt, and nearly three-quarters (72 percent) say they have less personal debt now than they did before 2008.

• Forty-two percent have increased their emergency fund, and 80 percent of those respondents say they have a better understanding of their finances now than before the crisis hit.   

• Sixty-four percent are more interested now, than before the crisis, in guaranteed income products, such as annuities, to provide a steady cash flow in retirement.

In 2008, when the financial crisis started, nearly two-thirds (64 percent) of investors reported they were either scared or confused, and nearly half (47 percent) said their household lost significant assets.  

Today, over half (56 percent) of investors feel confident about their financial condition, and those who use an advisor were more apt to say they feel the country’s economy is better now than 5 years ago.

“The more confident, empowered and knowledgeable the investor, the better client they are for an advisor,” added Couto. “The advisor gets a huge opportunity to present current events in their proper long-term perspective.”

The Fidelity Five Years Later study was conducted online among 1,154 U.S. investors during February 2013. Respondents had to be at least 25 years old, a financial decision maker for his/her household and own investments other than a savings account or certificate of deposit. Fidelity partnered with GfK, an independent third-party research firm, to conduct the study.