By comparison, 24 percent of respondents said they would like a recommendation from friends or family, 22 percent wanted assurances that the advisor was qualified to help them, and 20 percent wanted to be sure that the advisor would not try to sell them any particular products, services or investments.
Many respondents said that milestone life events would prompt them to seek professional financial advice; 41 percent said they would visit an advisor to plan for retirement, 32 percent said they would seek advice after receiving an inheritance, 30 percent would use an advisor when planning to purchase or sell a home, and 20 percent said that they would find an advisor for planning a child or grandchild’s college education.
Respondents wanted advice customized to their particular needs. Almost all respondents, 85 percent, said they would find advice tailored to their age group most helpful. Most of the women in the survey, 73 percent, said they would value advice tailored for—and delivered by—women.
The advice gender gap was present among TIAA’s respondents: 40 percent of the women had received financial advice, versus 56 percent of the men.
Nearly three out of four respondents said that they would be more likely to consider a job if its benefits package included complimentary financial advice. That number jumps to 87 percent among millennial respondents.
In fact, complimentary advice was rated highest among the various possible perks an employer could add as a benefit. Thirty-three percent of respondents chose advice, versus 17 percent who chose on-site medical care and 12 percent who selected free, chef-prepared lunches.
TIAA’s study was based on a survey conducted among 1,000 U.S. adults from August 10 to August 15, 2016.