While hot stocks make for popular stories at a party, people are more willing to discuss controversial topics such as politics and religion than their long-term financial futures. According to 2023 Harris Poll research commissioned by Empower, 71% of Americans said they’ve bought a lottery ticket and 24% of millennials said they’ve spoken to a fortune teller – but only 33% of Americans have spoken with a financial planner.
Advisor’s Corner is a collection of columns written by certified financial planners, financial advisors and experts for everyday investors like you.
Even though inflation has cooled significantly, consumers’ need and desire for financial guidance continues to increase. Tighter household budgets mean that many people are more closely scrutinizing their account statements and electing a do-it-yourself approach to save on professional fees.
Congress, the Securities and Exchange Commission and other regulatory bodies have worked to make investing more consumer-friendly, and the Biden administration’s recent efforts to reduce so-called junk fees could bring savings to consumers. The U.S. Department of Labor has also continued to champion proposed new regulations designed to bring additional assets such as real estate, commodities and some types of annuities under federal fiduciary rules. Fiduciary rules require financial professionals to sell products and advice in the best interest of their clients, not their own. Whether these actions clarify fees…
