Getting a financial professional can be an important aspect of building a personal finance strategy, especially if a young person is confused on what to do. However, some may be looking for more detailed options from their current agent.
More than 90 percent of people polled felt that a financial professional should help them with the entire portrait of their budget and current standing, according to a survey from ORC International released by the CFP Board. Nearly three-quarters of respondents felt they should have a professional that gives them planning advice for the future. The demand for this was much more significant than those who were seeking out just retirement advice, as that was less than one-third of those asked.
“As Americans’ finances become more and more complex, they are turning to professionals who can partner with them, look at their total financial picture, put all the pieces together and provide a comprehensive financial plan,” said Kevin Keller, CEO of CFP.
When picking a specific person to help out with finances, close to 50 percent of respondents stressed that having a professional with a detailed knowledge base of these fields was the most necessary requirement when seeking to hire, the report noted. Nearly 65 percent of young people said the same thing.
While some people may value having an extra set of eyes to get their finances on the right track, the report also explained that 40 percent haven’t experienced the advising process before.
Parents want to help children learn about money
A number of individuals may be seeking help regarding their own financial options, but they could be looking to aid their children in learning about money at the same time.
More than four-fifths of parents polled explained they are in the best position to give their kids the proper information when it comes to learning about finances, according to a report from Country Financial. Conversely, only 11 percent felt this was better dealt with by teachers.
When it came to financial access, more than half of parents explained that a child should have a credit card by the time they turn 18 years of age, but not later than when they are 22 years old, the report added. For those trying to teach children about money, nearly 70 percent felt that this should begin before a child turns seven years old.