So according to this survey done by a US-based advisor, the top reason people didn’t engage an advisor is:
They don’t believe it.
Or more specifically, they don’t believe the fee is worth the advice.
Of course, this is a chicken and egg situation. If people never experienced being advised before, they cannot bring themselves to pay the fee to… experience an advisory!
It’s fascinating because someone once said that people find it difficult to trust when they don’t hold any cards. Meaning if they don’t have sufficient knowledge about something, they will find it difficult to trust an advice about it.
It’s kinda crazy because it also means the people who needs advice is also likely the ones to reject it.
Another subtler point the article brought up is also that people link investment returns to financial advice. But it really is so much more than that. Financial decisions have to be made daily, not least about our retirement, our risk management, our children’s education, our asset allocation, our career change, our going into a business, our medical needs. Small financial decision made without proper context can result in mistakes that add up thru the years.