Secrets Clients Keep from their Financial Advisors
By Hal M. Bundrick
NEW YORK (MainStreet)--You trust your financial advisor, but they're not your priest or rabbi, right? It's an office, not a confessional. Some things are not meant to be shared.
That's apparently the feeling of a significant number of investors, nearly one-third (29%) of which admit they haven't told their financial advisors about everything that could affect their finances.
Securian Financial Group surveyed 720 consumers who work with financial advisors and more than half (52%) of those who withhold information say the information is simply too personal to share. Many of the survey respondents (45%) think the information falls into the "it's none of your business" category, saying the secrets are outside the scope of money matters and don't need to be shared. One fifth say their secrets are too embarrassing to reveal."They may not realize it, but personal matters can profoundly affect a family's financial stability," says Michelle Hall, a market research at Securian. "Health and marital difficulties rank high among the critical subjects clients do not discuss with their advisors." More than one-fourth carry debt their advisors don't know about.
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