• Larry U

75% of People Don't Want Financial Help!

The investment industry is touting how important it is to provide financial wellness programs to workers. I got news for those of you in the industry. The average worker does not want your help. In a recent poll by CNBC and Acorn Invest, 75% of the people decline any advice or guidance. According to a Vanguard survey of 600 advisors, nearly one in three ultra-high-net-worth clients did not have written plans created for them. Meanwhile, less than half of mass affluent clients with less than $1 million in investable assets had plans created for them.1 It turns out even the wealthy don't have a financial plan. Despite reports that many workers are living paycheck to paycheck and not even half of all adults would be able to cover an unexpected $1,000 expense, the majority of Americans are declining any financial help or advice.

So why are workers decline financial advice? I will tell you why. We in the investment industry make it too complicated and expensive for the average person to do a program. We ask the prospect to complete a 20+page questionnaire. Before the person finishes the second page, they are frustrated and stop. So what is the answer? Keep it simple.

Vanguard's QuickStart Guide to Your Financial Plan—offered free in an editable pdf—is a concise conversation starter to help you record your values and goals and then articulate how to achieve your goals. Contact us at to request your free copy. We are happy to assist you with the completion of your form. P.S. It does not cost you anything to have a conversation with us.

1 view

Recent Posts

See All

Beware of These Coronavirus Scams

This a blog post from the Consumer Financial Protection Bureau. Scammers are taking advantage of the coronavirus (COVID-19) pandemic to con people into giving up their money. Though the reason behind

©2019 by 401k Assist, LLC