财务建议的价值

THE VALUE OF FINANCIAL ADVICETHE VALUE OF FINANCIAL ADVICE Contents Foreword4Key findings5Implications and call to action16Special Focus: The financial advice evolution17Appendix21Methodological appendix27What our experts say about the value of advice29Contributors31 Foreword The path to financial security is rarely straightforward, and Americans face complexfinancial decisions at every stage of lifeAt TIAA, we believe professional financialadvice is one of the most powerful tools available to help people build a secure To conduct this study, the TIAA Institute partnered with Edge Research to survey 1,864 nationallyrepresentative adults between the ages of 18 and 79Survey findings were then supplemented witheconomic modeling across three hypothetical personas at different life stages, allowing us to estimate The findings are clear, consistent, and compellingAdvised individuals show 14 to 19 percentagepoint (PP) advantages in financial confidence across all dimensions and on average accumulatemore than double the net worth of their non-advised peers, even after accounting for income andother demographicsThe behavioral differences are equally strikingNinety-two percent of advisedindividuals save consistently compared to 75% of those without an advisorEconomic modeling What sets professional advice apart is the comprehensive, multidimensional value advisors provideFifty-four percent of clients find accountability, emotional support during market volatility, andguidance during major life events to be extremely or very valuableThe data is also clear on one morecritical point: It is never too late to benefit from professional guidanceEven advice sought just before Too many Americans go without professional advice because they believe they lack sufficient assets,that their financial situation is too simple, or that the time to act has passedThis report refutes eachof those beliefs directlyAt TIAA our focus remains on making this proven value accessible acrossall income levels and life stagesWe hope this serves as both an affirmation and a call to action for Surya P. KolluriHead David NasonCEO Key findings Advisor relationships drive superior financial behaviors Individuals with advisors demonstrate consistently stronger financialhabits across all income levels than those without advisorsThey aremore likely to: Save consistently Ninety-two percent of advised individuals save consistently comparedto 75% non-advisedThis pattern is consistent across income levels Contribute to a retirement account Thirty percent of advised individuals contribute to a retirement accountcompared to 17% non-advisedNon-advised individuals are not onlysignificantly less likely to contribute to a retirement account but are also “I wanted ways to improvediscipline when it comes tomaking financial decisions Use a wider variety of financial products Advised individuals use a wider range of financial products suchas those designed to grow their wealth and hedge risk, achieve taxefficiencies, and provide income in retirement, such as stocks or bonds(39% compared to 17% non-advised), mutual funds (23% compared to8% non-advised), pre-tax health savings or spending accounts (24% (Survey respondent with an advisor) “I would want advice on howoften I should save money andhow much money I would need Take on moderate risk for the possibility of moderate returns Forty-seven percent of advised individuals take on moderate riskcompared to 24% non-advised (Survey respondent without anadvisor) Individuals with an advisor are also less likely to prefer risk-freeinvestments with minimal returns Ten percent of advised individuals prefer low-return, risk-freeinvestments compared to 29% non-advised “Our research confirms what we see every day in our work with clients:Professional financial advice delivers measurable value at every life stageand income level. The data shows that it’s never too late to benefit from Niladri MukherjeeCIO, TIAA Wealth Management These behaviors persist across income levels, demonstratingthat advisor guidance delivers value regardless of wealthFor those not engaged in an advisory relationship, employersplay a significant role in prompting participation infinancial products typically provided by the employer, such Advised individuals are very or somewhat confident intheir current financial situation in that they can: Cover their day-to-day living expensesSixty-seven percent of advised individuals comparedto 53% non-advised Have enough money for healthcare expensesFifty-six percent compared to 40% non-advised Handle an emergency or sudden large expenseFifty-eight percent of advised individuals compared to “I’d like advice on the beginning stagesof budgeting without sacrificing all fun Cover increases in the overall cost of living and inflationFifty-five percent of advised individuals compared to38% non-advised “I wanted help finding the best way tosave without it hurting our way of life”(Survey respo