I just found out about a survey that caught my eye from Sharebuilder. They surveyed a bunch of ‘younger investors’ and found that they seek stock investing advice from different sources than their parents. According to their data…
“While younger investors are willing to invest more in the market, few said they’re relying on brokers, financial advisors or planners for advice. Instead, the survey showed that younger investors now rely more on financial websites and blogs (49 percent) and financial print publications (39 percent) than financial planners (35 percent) or brokers (18 percent) for investing advice. Older investors are also relying on financial websites and blogs (47 percent) and financial print publications (41 percent) slightly more than planners (39 percent) and brokers (36 percent).”
I am not exactly sure how those numbers work out – as they don’t add up to 100%, but I think the clear and obvious take-away is that times are changing and many investors are doing things differently than they did 20 years ago.
It may not be surprising to see the younger generation taking some of these different approaches, but I was surprised to see this…
“Almost half, 49% of investors ages 40 – 65 have reduced or eliminated their reliance on financial professionals”
While I am a do-it-yourself investor, I still think that many people would be well-suited hiring a competent, trustworthy, financial planner who shares their values. If you are planning on going it on your own, my two favorite online brokers (where I have accounts) are Zecco and Sharebuilder.
Are you a DIY investor? Do you plan on hiring a financial advisor in the future?