Survey Suggests Only 1% of Americans Use a Financial Planner

A recent poll suggests that only about one percent of Americans rely on the guidance of a financial planner, with most respondents saying they feel that using a financial advisor is expensive and only for the wealthy, CNBC reports. While not unsurprising that most people handle finances themselves or through a spouse, the large disparity highlights those concerns and general misconceptions regarding the different functions a financial advisor can provide. CNBC Digital Financial Advisor Council member and president and founder of Bone Fide Wealth in New York, Douglas Boneparth, said that other contributors could be the numerous financial assistance products available online, increased debt among younger Americans and unawareness of advisors who will work with a less-wealthy population.

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