In an analysis of TIAA-CREF clients, individuals receiving specific, personalized investment advice were 60 percent more likely to use it than those who received more generic financial guidance. Nichols notes of those that implemented this advice, half had increased their retirement fund contributions and they may have as much as $200,000 more in savings by retirement over the course of a 30-year career.
Although the analysis underscores the need for individualized financial advice, many Americans find it difficult to locate appropriate sources of information.
The following reasons were cited by the survey respondents on why finding appropriate information was difficult:
- Available information does not speak to my individual needs at this time: 46 percent
- Don't know where to start finding financial advice that is relevant to me: 48 percent
- It's hard to know where to start looking for financial advice: 51 percent
- Hard to know what sources or who can be trusted: 74 percent
Although the survey highlighted the difficulty in finding trusted sources of financial advice, it stopped short of suggesting where and how individuals could find appropriate financial information for their situation.