Wealthtender Study of $100K+ Households Seeking Financial Advice
August 2025: A survey of 500 U.S. adults with household incomes over $100,000 reveals that most consumers will use online resources to find or compare financial advisors before making a hiring decision even after receiving a referral, and most won’t shy away from advisors using Artificial Intelligence (AI) tools.
If you’re thinking about hiring a financial advisor, you may want to know how others plan to approach the process. In late July 2025, Wealthtender surveyed 500 U.S. adults earning over $100,000 who plan to hire an advisor within the next five years to understand exactly how they intend to start their search, create a shortlist, and choose one advisor over another.
This report reveals how the advisor search is evolving, the online tools people trust most, and what clients think about advisors using AI. You’ll also find practical tips to guide your own search, so you can confidently find and hire the right advisor for your unique needs.
Five Key Takeaways:
1. While many Americans start their search for a financial advisor with a referral from friends or family, almost everyone will dig deeper: 97% plan to interview multiple advisors and 96% will do further research online before making a hiring decision.
2. To decide if an advisor is the right fit, the most popular next step for 83% of respondents is to research the advisor’s reputation by looking for online reviews and awards, followed by an introductory call with the advisor (73%) and visiting the advisor’s website (72%).
3. Before contacting an advisor, survey respondents said the two most important pieces of information they want to know are the advisor’s areas of specialization (64%) and fee/pricing structure (62%).
4. Most respondents are generally comfortable with advisors using artificial intelligence (AI) tools to streamline admin tasks, somewhat comfortable with AI to help generate personalized financial plans, though uncomfortable with investment decisions outsourced to AI.
5. A third of respondents said an advisor’s location is not a factor as they prefer to meet exclusively online.
🔎 For a deeper dive into the eligibility criteria, study data and design, jump to the Study Details & FAQs.
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Before we dive into the details, it’s important to note that this study intentionally excluded many respondents who work with a financial advisor today and said they are satisfied with no plans of making a change. (This finding is not a surprise as our 2025 Voice of the Client Study reflects overwhelming consumer satisfaction with advisors based on their online reviews.)
1. Where People Start Their Search for a Financial Advisor
Finding the right financial advisor can feel overwhelming, but you’re not alone in wondering where to begin. The good news? Most Americans start their search in predictable places, and you can follow a similar roadmap to find the right advisor for you, too.
In the chart below, you’ll see how people said they plan to start their search for an advisor. Survey participants were not limited to a single response since many people plan to use multiple resources to find and evaluate advisors.
Personal connections lead the way… When it’s time to find a financial advisor, 62% of people will turn to their most trusted source first: friends and family. There’s something reassuring about getting a recommendation from someone you know and trust, especially when it comes to your financial future. Nearly half (49%) will also reach out to other professionals in their network (e.g., accountants, attorneys, or their bank) recognizing that these experts often have valuable insights about reputable advisors.
… But technology is catching up fast. Online search is quickly becoming just as important as word-of-mouth recommendations. Half of all survey participants plan to use traditional search engines like Google or Bing to find potential advisors. This isnt surprising as people want to know what’s out there beyond just the one or two names of advisors they may hear recommended by family or friends.
AI tools like ChatGPT are quickly becoming a go-to research resource. Even though AI search tools like ChatGPT have only recently gained mainstream consumer adoption, 25% of people plan to use ChatGPT, Gemini or other AI-powered tools to start their advisor search. This represents a major shift in how people find advisors. Unlike a simple search entered into Google (e.g., “financial advisors near me”), consumers using ChatGPT are much more likely to create detailed prompts personalized to their unique needs (e.g., “I’m looking for a highly rated financial advisor based in the Chicagoland area who specializes in helping Abbvie employees transition into retirement.“).
Online directories and social media platforms gain popularity. Online advisor directories like Wealthtender will be used as a starting point by about one-third of consumers (32%), while social media platforms like LinkedIn, Reddit, and Facebook influence about 22% of people.
Many people appreciate opportunities to learn. Educational events like online webinars (19%) and in-person seminars (18%) hosted by advisors in their local communities also play a valuable role, especially for those who want to get a feel for an advisor’s expertise and communication style before arranging an introductory meeting.
Key Takeaway & Section Resources:
Most people use multiple approaches to find advisors, and you should too. Start with your personal and professional network if they have advisors to suggest, but don’t stop there. The combination of trusted recommendations and your own online research will give you the best foundation for identifying a handful of advisors you feel may be worth contacting.
🔎 Find a Financial Advisor on Wealthtender
Thousands of people visit wealthtender.com each month to find and evaluate financial advisors. When you’re ready to start your search, consider the resources below that can help you find an advisor nearby, one who specializes in areas that may be important to you, and hundreds of advisors whose clients have submitted thousands of reviews to help you make a more informed hiring decision.
💡 Actionable Insights for Financial Advisors
Knowing that most people will use multiple approaches to find a financial advisor, it’s important to diversify your sources for client acquisition to improve your likelihood of getting found.
While referrals remain the top source for consumers to find advisors (62%), the data reveals a critical insight: the most successful firms employ a multi-channel approach. With 50% of prospects using search engines and 25% leveraging AI tools like ChatGPT, advisors who only rely on referrals are missing significant opportunities.
Immediate Action Items:
- Optimize for AI Search Tools: Create content to answer common financial planning questions in formats that AI tools can easily reference (e.g., using FAQ schema). ChatGPT and Gemini often cite authoritative, well-structured content when making advisor recommendations and implementing an AEO (Answer Engine Optimization) strategy can enhance your visibility in AI search tools.
- Search Engine Visibility: Invest in SEO/AEO-optimized content targeting local and niche-specific categories (e.g., “retirement planning advisor in Austin for Dell employees” or “CFP for tech executives with equity compensation”).
- Social Media Strategy: With 22% of prospects using social media to start their search, develop a consistent presence on one or more platforms focusing on educational content combined with posts showcasing your client testimonials to accelerate the trust-building process with prospects.
Leverage Educational Events for Lead Generation The 19% of consumers showing up to online webinars and 18% attending in-person events represent high-intent prospects. These individuals are actively investing time to learn, indicating serious consideration of hiring an advisor.
Partner with Wealthtender for Search Optimization:
Joining Wealthtender directly addresses multiple data points from this section:
Professional Credibility: Profiles with verified client reviews enhance your digital authority, whether prospects are initiating their search online or received a personal referral and looking to validate your credibility before making contact.
32% Directory Usage: Wealthtender is visited by ~50,000 consumers each month, many of whom are actively looking for a financial advisor. As the leading find-an-advisor directory and industry’s first compliant testimonial collection platform, your profile on Wealthtender ensures you’re getting found.
Search Engine Amplification: Wealthtender profiles are optimized for SEO and AI to increase your likelihood of appearing more frequently in Google searches and in answers generated by AI tools like ChatGPT.
AI Tool Integration: Wealthtender’s structured data format (e.g., financial services schema, review schema, FAQ schema) makes advisor profiles more likely to be referenced in Google AI Overviews and AI tools like ChatGPT when prospects ask for advisor recommendations.
🤓 Dive Deeper into the Data
2. Almost Everyone Will Research Multiple Advisors Online Before Hiring One
Even if your best friend or next door neighbor raves about their financial advisor, you shouldn’t hire them without doing your homework first. And you’ll be in good company as 96% of people in our survey said they would still research an advisor even if that advisor came highly recommended.
Referrals Matter, But Consumers Will Still Do Their Own Homework
A related insight worth considering is that almost all survey participants plan to evaluate multiple advisors before choosing who to hire.
A referral is just the starting point, not the finish line. Your financial situation is unique, and what works for someone else might not be the best fit for you. The advisor who helped your colleague navigate a career change might specialize in something completely different from what you need.
Most people are comparison shopping, and you should too. Only 3% of survey participants said they’d hire an advisor without researching alternatives. The majority (52%) plan to contact three different advisors, while 32% will compare at least two. This approach gives you leverage to ask better questions, understand different fee structures, and ultimately feel more confident about your choice.
Over 80% of People Want to Read Online Reviews About Financial Advisors
While referrals can prove valuable, everyone’s situation is different so it’s important to do your own research to ensure you feel confident about the advisor you ultimately hire.
Online reviews are nearly as important as personal recommendations. More than eighty percent (83%) of people want to read online reviews and look for awards or other trust indicators before making their decision. This makes perfect sense as a personal recommendation is useful, but a single opinion is of limited value on its own. Consumers want to know what others have to say about an advisor to gain a more representative lens into the client experience. Reviews from actual clients can give you insights that even the best marketing materials can’t provide (e.g., how does this advisor really communicate? Do they follow through on promises? What impact do clients say the advisor has made in their lives?).
Nearly three-quarters of people want to speak with an advisor directly. After reading online reviews to learn what other people think about an advisor, consumers are ready to initiate contact with the advisor. 72% of people will visit the advisor’s website to continue their research, while a nearly identical number of people (73%) will schedule an introductory call.
Second opinions matter, too. More than half (55%) of survey participants also plan to seek second opinions from others who might know the advisors on their shortlist.
This multi-layered approach to research shows just how seriously people take this decision, which is understandable since many people will work with their advisor throughout their career and into retirement.
Key Takeaway & Section Resources:
Your financial future deserves more than a casual recommendation. Choosing the right financial advisor can help you plan for retirement, invest more intelligently, reduce money-related stress, and feel more in control of your financial life. It’s worth taking the time to research multiple options, ask thoughtful questions, and trust your instincts. The advisor who feels like the right fit (e.g., someone who listens well, explains complex topics clearly, and demonstrates they understand your goals) is worth the extra research effort.
💻 Resources to Research Financial Advisors
💡 Actionable Insights for Financial Advisors
The 96% Research Reality Changes Everything.
Even referred prospects will research you online before making contact. This fundamentally changes your marketing priorities as your digital presence now influences every prospect, not just those who find you online initially.
Critical Conversion Improvements:
- Review Strategy: 83% of consumers will research you reputation online, and specifically indicated they want to read online reviews. This is your highest-leverage activity for conversion improvement, especially since the 2025 Investment Adviser Industry Snapshot shows that just 9.3% of financial advisor use testimonials/reviews in their marketing activities. (Imagine operating a business in any industry where just 1 out of 10 have online reviews – Guess which ones will attract more clients? This isn’t hypothetical for financial advisors. It’s a reality that’s now steering more clients into the 10% with reviews.)
- Website Optimization: 72% visit advisor websites during research. Ensure your site clearly communicates your areas of specialization, credentials, and fee structure within 10 seconds of landing.
- Initial Call Preparation: 73% plan to set up introductory calls. Develop a structured consultation process that demonstrates value while gathering prospect information.
The Multiple-Advisor Reality (97% Contact 2+ Advisors)
Since prospects are comparison shopping, your competitive advantage must be immediately apparent. This isn’t about price competition, it’s about demonstrating superior value and fit. Keeping in mind that we just mentioned only 9.3% of advisors use client testimonials in their marketing, it’s easy to set yourself apart from more than 90% of advisors by collecting testimonials and publishing online reviews, increasing your likelihood of becoming a prospect’s first call. Beyond reviews, ensure your value proposition is clear, your fees are transparently shared, and areas of specialization are highlighted.
Competitive Differentiation Tactics:
- Response Speed: Implement systems to respond to prospect inquiries within 4 hours.
- Value-First Consultations: Provide genuine insights during initial meetings, not just sales presentations.
- Specialization Clarity: Make your niche expertise obvious in all marketing materials.
Wealthtender’s Conversion Impact:
Our platform directly addresses the 96% research behavior:
- Optimized Profiles: Showcase your specializations, credentials, and experience that prospects expect to find and in structured formats optimized to enhance your visibility in AI tools like ChatGPT and Google AI overviews.
- Review Collection System: Take advantage of our compliant solution for gathering and displaying client reviews that 83% of prospects want to read, providing you with an opportunity to stand apart from 90% of advisors not using reviews.
- Search Visibility: Gain enhanced placement in both traditional search engines and AI tool responses when prospects research advisors.
- Trust Indicators: Verified credentials and regulatory information that prospects seek during evaluation, including opportunities to qualify for Wealthtender Voice of the Client Awards.
3. How People Determine an Advisor’s Reputation and Trustworthiness
When you’re evaluating potential financial advisors, certain factors consistently signal trustworthiness and competence. Understanding what matters most can help you focus your research and avoid potential red flags.
Fee transparency tops the trust list. The most important factor for building trust? Clear, upfront communication about costs. Nearly three-quarters (73%) of survey participants said transparency in fees and services is crucial for establishing an advisor’s credibility. If someone is going to help you manage your money, you need to know exactly what you’ll pay for that service. Hidden fees or vague pricing structures should immediately raise red flags.
Credentials provide objective credibility. Professional certifications like the CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) designations matter to 63% of people, and for good reason. These certifications require extensive education, rigorous testing, and ongoing professional development. They’re not just letters after a name, they represent a significant commitment to professional standards and ethical behavior.
Responsiveness indicates how you’ll be treated as a client. More than half (57%) of survey participants view quick response times to inquiries as a key trust indicator. Think about it: if an advisor takes days to return your initial call when they’re trying to win your business, what kind of attention will you receive once you’re a client?
Professional presentation matters, but it’s not everything. While 49% value a professional, user-friendly website, this factor ranks lower than substantive credentials and transparency. A sleek website is nice, but it can’t substitute for expertise and ethical behavior. Regardless, as more consumers express comfort with advisors willing to meet online and use AI tools to enhance their service offering, an outdated website could represent a potential red flag if you expect your advisor to make use of newer technologies to improve the client experience.
Reviews from real clients carry significant weight. Just over 60% of participants consider positive online reviews from independent websites like Wealthtender essential for evaluating an advisor’s reputation. Unlike testimonials on an advisor’s own website, independent reviews offer unfiltered perspectives from actual clients. They can reveal how advisors help their clients navigate challenging life transitions, communicate during stressful times, and follow through on commitments. You should also expect to see disclosures that indicate if the person who wrote each review is a client of the firm, if they were compensated to write the review, and if any conflicts exist that may have influenced the reviewer to write a more favorable testimonial. The Securities and Exchange Commission (SEC) that regulates financial advisors requires these disclosures so consumers can determine how much weight to give each review in their overall evaluation.
What about client testimonials on advisor websites? Only 36% of people consider these important for reputation assessment. This lower ranking makes sense as consumers have become accustomed to seeing just the most positive testimonials on business websites that don’t provide the balanced perspective you’d get from independent review sites. With this said, the SEC established a rule in 2021 to address this issue. Specifically, the SEC requires that advisors who choose to display only a handful of self-picked testimonials on their website also link to an online location where you can read all of their reviews (e.g., their Wealthtender profile page). Testimonials you read on an advisor’s website can be useful, but make sure to look for a link to a page where you can read a complete list of their reviews to learn what all clients have to say about their experience, not just a select few.
Key Takeaway & Section Resources:
The bottom line on trust: Focus on advisors who are transparent about their fees, hold relevant professional credentials, have positive independent reviews, and respond promptly to your inquiries. These factors consistently indicate advisors who prioritize their clients’ interests and maintain professional standards.
💻 Resources to Evaluate Advisor Trust Factors
💡 Actionable Insights for Financial Advisors
Beyond Consumers, Are You Trusted by AI Tools like ChatGPT?
It’s not just consumers who are evaluating your online reputation based on the factors discussed in this section. AI tools like ChatGPT also consider most of these same factors to determine if you or another advisor will appear in answers to consumer queries.
We asked ChatGPT to compare the factors it considers when evaluating an advisor’s reputation with the consumer survey responses.
ChatGPT answered by telling us the consumer survey results “actually line up quite a bit with how I (as a search and recommendation system) would weigh factors when surfacing financial advisors — but there are a few key differences in emphasis and in how those factors get evaluated” as reflected in the side-by-side table it generated below.
| Factor | Importance to consumer survey respondents | Importance to ChatGPT’s ranking logic | ChatGPT notes on differences |
|---|---|---|---|
| Transparency in fees & services | #1 — 73% | Very high | I prioritize clear, verifiable disclosures because ambiguity in fees is a red flag for trustworthiness. However, I also weigh whether the source is independent or regulatory, not just the advisor’s own claims. |
| Certifications / credentials (CFP, CFA, etc.) | #2 — 63% | Critical | Strong alignment — credentials are objective and verifiable, so they’re a top ranking signal. I also consider recency of credentials and whether they’re in good standing. |
| Positive online reviews (independent sites) | #3 — 61% | Moderate-high | I value independent reviews but adjust for potential bias, fake reviews, or small sample sizes. User sentiment is a signal, but not the only one. |
| Response time to inquiries | #4 — 56.6% | Moderate | I can’t directly measure real-time responsiveness, but I use proxies — like whether the advisor has clear contact info, recent activity, and engagement history. |
| Professional, user-friendly website | #5 — 49.2% | Moderate-high | Good design signals professionalism and credibility, but I pair it with objective third-party data so I’m not just rewarding “pretty websites.” |
| Client testimonials on their site | #6 — 36.4% | Low-moderate | I downweight these since they’re curated by the advisor. Consumers value them more than I do. |
| Educational content (articles, videos) | #7 — 24.8% | High | I value this more than respondents do — consistent, quality educational output signals expertise and thought leadership. |
| Strong search engine visibility | #8 — 17.8% | Moderate | Visibility helps me find advisors, but it’s not a trust signal by itself — content quality matters more. |
| Social media presence | #9 — 13% | Low-moderate | I care less about volume of posts and more about whether content is professional, relevant, and consistent. |
| Featured in media / awards | #10 — 11.8% | Moderate-high | I may weigh credible third-party features more than the public does, since they can indicate peer recognition or vetted expertise. |
Fee Transparency as Competitive Advantage (73% Priority)
Clear fee communication isn’t just ethical, it’s a powerful differentiator. Many advisors avoid discussing fees upfront, creating an opportunity for transparent advisors.
Fee Transparency Implementation:
- Website Fee Pages: Create detailed, jargon-free explanations of your fee structure
- First-Call Honesty: Address pricing within the first 10 minutes of initial consultations
- Written Proposals: Provide clear, written fee estimates after initial meetings
Credentials and Certification Marketing (63% Value)
Professional certifications provide objective credibility, but many advisors don’t effectively communicate their value to prospects.
Credential Communication Strategy:
- Education Content: Create content explaining what CFP, CFA, and other credentials actually mean for clients
- Continuing Education: Publicize your ongoing professional development efforts
- Specialization Certificates: Pursue and promote niche certifications relevant to your target market
- Third-Party Validation: Ensure credentials are prominently featured across all marketing channels
Online Review Strategy (61% Importance)
With reviews ranking as the third most important trust factor, a systematic approach to review generation and management becomes essential.
Review Generation System:
- Client Communication: Implement regular check-ins that naturally lead to review requests
- Compliant Platforms: Collect reviews on sites like Wealthtender, designed for SEC/FINRA compliance and coded with schema that improves the likelihood of your reviews being indexed and cited in search engines like Google and AI tools like ChatGPT.
- Success Story Documentation: Follow-up with clients whose online reviews speak to the impactful role you played helping them navigate a financial planning challenge that may resonate with others. Ask if they might consider recording a video testimonial with their review as a starting point for a script, or flesh out the review into a more robust success story to promote on your website and across social media.
Wealthtender’s Trust-Building Platform
Our platform directly supports all top trust factors, and is designed to help advisors demonstrate and convey trustworthiness with a compliance-first approach:
Search Authority: Higher search engine rankings increase perceived credibility and expertise. Your Wealthtender profile(s) are designed to rank prominently in search results and AI tools.
Transparent Profiles: Standardized format for displaying fees, services, and credentials.
Compliant Review System: Proper collection and display of client reviews following industry regulations and tools to promote testimonials compliantly.
Professional Presentation: Consistent, professional profile format that builds credibility.
🤓 Dive Deeper into the Data
4. From Online Meetings to Artificial Intelligence: Consumer Preferences are Evolving
As consumer preferences for advisor meetings evolve and comfort levels with artificial intelligence increase, financial advisors are embracing new technologies, from video conferencing tools to the use of AI apps in certain areas of their operations.
Location flexibility is becoming the new normal. One-third of survey participants said an advisor’s physical location doesn’t matter because they prefer to meet exclusively online. This represents a fundamental change in how financial relationships can work. For many people, the ability to work with the best advisor for their needs, regardless of geography, outweighs the traditional preference for in-person meetings. Of course, many people still said they want their advisor to be local, but expressed a preference for meetings to be conducted online.
AI as a helpful assistant gets the thumbs up. The survey reveals nuanced but generally positive attitudes toward advisors using artificial intelligence tools. People are most comfortable when AI enhances human capabilities rather than replacing human judgment. For example, 77% of respondents feel comfortable (either very or somewhat) with AI monitoring their accounts for unusual activity to prevent fraud, a clear safety benefit where AI’s pattern recognition excels.
Data analysis and administrative tasks are AI-friendly zones. Nearly three-quarters (74%) are comfortable with AI analyzing market data to inform investment recommendations, and 74% approve of AI drafting routine client communications like email summaries. These applications make sense: AI can process vast amounts of information quickly and handle repetitive tasks, freeing up advisors to focus on financial plans and spend more time in conversations offering personal guidance.
Meeting transcription solves a real problem. A substantial 74% of people are comfortable with AI recording and transcribing meetings for note-taking and accuracy. Anyone who’s ever sat through a complex financial planning discussion knows how valuable it would be to have comprehensive notes afterward. AI can capture the important details while the advisor focuses on the conversation.
Investment decisions still need human oversight. Here’s where comfort levels drop significantly: only 45% feel comfortable with AI making automated investment decisions without direct human oversight. This suggests people want AI to inform and assist, but not to make final calls about their money independently. The preference is clear: AI as a powerful tool in human hands, not as an autonomous decision-maker.
AI-Assisted Financial planning gets cautious approval. About 64% are comfortable with AI generating personalized financial plans and projections for retirement or budgeting, though this drops to the lower end of comfort zones. People seem to recognize AI’s ability to run complex calculations and scenarios while still wanting human interpretation and guidance.
Key Takeaway & Section Resources:
Many people appear ready for AI to make their experience working with an advisor more efficient, more accurate, and more comprehensive. But they still want their advisor, a human professional, making the final calls about their financial future. This balance of technological enhancement with human oversight represents the future of financial advice.
🌎 Find Virtual and Local Financial Advisors
💡 Actionable Insights for Financial Advisors
AI Adoption Strategy Based on Consumer Comfort Levels
The data reveals specific AI applications where consumers are comfortable (administrative tasks, data analysis) versus uncomfortable (autonomous investment decisions). This provides a clear roadmap for technology implementation.
High-Comfort AI Applications (70%+ Approval):
- Meeting Transcription (74% Comfortable): Implement AI note-taking tools for client meetings to improve accuracy and allow better focus on client interaction.
- Market Data Analysis (74% Comfortable): Use AI for research synthesis, market trend identification, and investment opportunity screening.
- Fraud Monitoring (77% Comfortable): Promote AI-enhanced account security as a client service benefit.
- Communication Drafting (68% Comfortable): Use AI for initial drafts of client communications, with human review and personalization.
Moderate-Comfort AI Applications (60-70% Approval):
- Financial Planning (64% Comfortable): Use AI for scenario modeling and projection calculations, but maintain human interpretation and recommendation.
- Risk Assessment (67% Comfortable): Implement AI tools for portfolio analysis while emphasizing human oversight.
- Tax Optimization (72% Comfortable): Use AI for tax strategy identification with advisor validation.
Practice Efficiency Recommendations:
- Client Communication: Market your AI-enhanced efficiency as providing more time for personalized client attention.
- Service Quality: Position AI tools as enabling more thorough analysis and more accurate record-keeping.
- Competitive Advantage: Early adopters of appropriate AI tools can demonstrate innovation while maintaining the human touch clients value.
The Location-Independence Opportunity (33% Online-Only Preference):
If your strategy is just to show up on a local map, you’re missing out.
One-third of prospects don’t care about advisor location, preferring online meetings exclusively. This creates significant opportunities for practice growth beyond geographic limitations.
People use maps to order pizzas and find plumbers – It’s important that these businesses are nearby and can get to your house quickly. But when it comes to hiring a financial advisor, it’s less about the map and more about the fit. Consumers are increasing looking to first find an advisor “for them” while “near them” is a secondary factor for most, and not a factor at all for many.
Geographic Expansion Strategy:
- Virtual Service Models: Develop comprehensive online client service capabilities.
- Digital Marketing: Expand marketing efforts beyond local geographic constraints by making optimal use of online marketing tools and resources. With a clearly defined niche, your digital marketing effort becomes even more effective. This doesn’t require pivoting your entire practice to focus on a narrow niche; Rather, identify an area where you have a knowledge or experience advantage, create a landing page on your website and complementary page on Wealthtender formatted for SEO/AEO, and allocate a percentage of time towards cultivating leads from this target audience. For example, if you have clients who are employed at a large firm nearby with other offices around the country, participate in a Wealthtender large employer Q&A to attract employees in offices across the US to hire you as a specialist with knowledge of their unique compensation plan and benefits package.
- Technology Investment: Invest in high-quality video conferencing, digital document signing, and client portal systems.
How Wealthtender Helps
Geographic Reach: Gain access to prospects nationwide who prioritize expertise over location. Take advantage of large employer Q&A features or other specialist/niche resources to get found by prospects interested in the unique experience and knowledge you bring to the table.
AI-Friendly Profiles: Structured data formatting of profiles optimizes your presence on Wealthtender for AI tool recognition and recommendations. Add AI-Optimized FAQs to your profile to further increase your likelihood of appearing in AI search tools.
Technology Positioning: Showcase your firm’s technology adoption within your profile to appeal to tech-comfortable prospects.
🤓 Dive Deeper into the Data
Before you pick up the phone or send that first email to a potential financial advisor, people want to know several key pieces of information to ensure they feel prepared for an initial conversation.
Specialization and pricing top the pre-contact wish list. When people are considering reaching out to an advisor, the two most important pieces of information they want to know first are the advisor’s areas of specialization (64%) and their fee structure (62%). This makes practical sense as you’ll want to know if the advisor actually helps people in situations like yours, and you want to understand what their help will cost.
Experience and services offered are close behind. Nearly six in ten people (58%) want to know about the advisor’s years of experience and credentials, and a similar number (58%) want to understand what services are offered (e.g., estate planning, insurance, tax strategies, etc.). People are looking for both competence and comprehensive service.
Reviews matter as much as referrals. Half of survey participants (50%) want to read reviews from other clients before making initial contact. This reinforces just how important online reputation has become in the advisor selection process. Even if someone recommended an advisor to you, you’ll want to see what other clients have said about their experience and if the reviews resonate with the type of experience you’re looking for in an advisor.
The practical details can’t be ignored. More than a third of respondents want to know about the advisor’s location and meeting options (38%) and regulatory history (34%) before making contact. About one-third (32%) specifically want confirmation that the advisor will act as a fiduciary (e.g., legally bound to put your interests first). While these figures may appear lower than one might expect, we would speculate it’s not that these factors are less important to consumers, rather that a clean regulatory history and an advisor’s commitment to acting in your best interest are table stakes. With this said, these factors are too important to make assumptions, so you should always take the time to review an advisor’s regulatory profile and confirm their stance on acting as a fiduciary before making a hiring decision.
Response time expectations are higher than you might think. When you do reach out to an advisor, nearly half of survey participants expect a response within 24-48 hours. Another significant portion expects even faster responses. This reflects our increasingly connected world where prompt communication signals professionalism and client service orientation.
Most people are comparison shopping, so advisors need to stand out quickly. Remember, 97% of people plan to contact multiple advisors before making a hiring decision. This means advisors are competing not just on expertise and fees, but on how quickly and effectively they respond to initial inquiries. For you as a consumer, this competition works in your favor as you should expect prompt, thorough responses to your questions.
Key Takeaway & Section Resources:
Before contacting advisors, look for information about their specialization, fees, experience, services, and client reviews. Once you do make contact, expect prompt responses and don’t hesitate to ask detailed questions. Remember, you’re not just hiring a service provider, you’re potentially beginning a relationship that could last decades and significantly impact your financial future. This process might take weeks or even months, but it’s time well spent given the importance of the relationship you’re building.
👋 Useful Resources Before Contacting Advisors
💡 Actionable Insights for Financial Advisors
Pre-Contact Information Strategy (Top Priorities: Specialization 64%, Fees 62%)
Prospects want specific information before they contact you. Making this information easily accessible reduces friction and attracts higher-quality leads.
Website Optimization Priorities:
- Specialization Clarity: Create dedicated pages for each niche you serve (e.g., retirees, business owners, high-net-worth families, Microsoft employees, etc.)
- Fee Structure Pages: Develop clear, comprehensive fee explanations to ensure prospects feel confident they understand what your services may cost before the engage with you further.
- Service Descriptions: Detail exactly what services you provide and what clients can expect. “Fear of the unknown” is real, especially among consumers who haven’t worked with an advisor before and don’t know what to expect. Put them at ease with a clear explanation and timeline of your onboarding process and how your team will handhold them throughout the experience.
- Experience Documentation: Showcase years of experience, credentials, and client success stories, including testimonials that reflect the genuine experiences of clients whose stories will resonate with prospects and put them at ease.
Response Time Competitive Advantage With nearly 50% expecting responses within 24-48 hours, response speed becomes a differentiator. Many advisors fail to capitalize on this expectation, so this is a great opportunity to set yourself apart.
Response System Implementation:
- Automated Acknowledgment: Send immediate confirmation emails when prospects submit inquiries. Include a client testimonial in the confirmation email, ideally reflecting a client’s remarks about the ease of their onboarding. This is a powerful and timely opportunity let your clients’ voices help accelerate the trust-building process with prospects who haven’t spoken with you yet.
- Response Protocols: Establish 4-hour response goals during business hours, and strive for faster than that.
- Weekend Coverage: Implement systems for acknowledging weekend inquiries by Monday morning.
- Quality Standards: Ensure initial responses provide substantive information, not just “we’ll call you”.
Multiple-Contact Conversion Strategy (97% Contact Multiple Advisors)
Knowing that almost every single prospect will compare multiple advisors changes how you approach initial conversations and follow-up.
Differentiation Tactics:
- Consultation Value: Provide genuine insights during initial meetings, not just information gathering.
- Follow-Up Excellence: Send detailed meeting summaries and next steps within 24 hours.
- Proposal Quality: Create comprehensive, customized proposals that demonstrate your understanding of each prospect’s unique needs.
- Testimonial Marketing: With fewer than 10% of advisors using testimonials in their marketing activities, imagine a prospect receiving initial emails from you and two other advisors (who likely don’t use testimonials) where your communications include client testimonials and theirs don’t. This is a subtle way of telling prospects “I don’t just talk the talk, rather here’s a testimonial from my client that shows I walk the walk”. Every advisor can talk abut themselves, but if you’re among the 10% of advisors who choose to let your clients do the talking, too, you can expect to convert a much higher percentage of prospects into clients over other advisors going forward.
Wealthtender’s Lead Generation Advantage: Our platform addresses top pre-contact information needs, including:
Search Optimization: Enhanced visibility when prospects research advisors online. As mentioned earlier in the report, people trust reviews on independent sites more than advisor websites, and reviews on Wealthtender are much more likely to appear in search results and AI tools than testimonials on an advisor’s website.
Comprehensive Profiles: Display specialization, fees, experience, and services in standardized format with structured data to get found in search tools.
Review Integration: Showcase client reviews that 50% of prospects want to read before contact, and that 83% of consumers said they want to read after receiving a referral.
Lead Quality: Prospects who find you on Wealthtender and reach out to you have self-qualified based on their needs matching your ideal client profile.
🤓 Dive Deeper into the Data
6. Red Flags and Reasons for Choosing One Advisor Over Another
After you’ve researched several advisors and had initial conversations, how do you make the final decision? The survey reveals clear patterns in what wins people over and what sends them running in the other direction.
Pricing clarity can be a dealbreaker (or deal maker). Nearly half of survey participants (48%) said pricing and overall anticipated costs are among the top three factors that lead them to choose one advisor over others. This isn’t necessarily about finding the cheapest option, it’s about understanding exactly what you’ll pay and feeling confident you’re getting good value. Transparent, reasonable pricing gives you peace of mind and helps you budget for this important expense. If you’re interested in hiring an advisor whose low-cost pricing model resembles what Spirit Airlines might charge if they offered financial advice, think twice about whether you really want to prioritize the absolute lowest cost vs. finding an advisor with the knowledge and capabilities to deliver a value proposition that may be well worth the extra cost.
Responsiveness signals future service quality. More than four in ten people (43%) consider an advisor’s responsiveness and availability among their top decision-making factors. Think about it: if an advisor returns your calls quickly and thoroughly answers your questions during the courtship phase, they’ll likely maintain that level of attention after you become a client. Conversely, if they’re slow to respond while trying to win your business, that’s probably how they’ll treat you later too.
Specialized expertise trumps general knowledge. Just over 41% of participants prioritize “depth of experience or specialization in my situation” when making their final choice. This finding reinforces the importance of finding an advisor who regularly works with people facing similar challenges to yours. The advisor who specializes in helping small business owners navigate retirement planning might be a better choice than a generalist, even if the generalist has more years of experience.
Professional credentials provide objective differentiation. One-third of survey participants (33%) consider professional certifications like CFP or CFA among their top three selection factors. When you’re comparing advisors who seem similar in other ways, credentials can be the tiebreaker that indicates deeper expertise and commitment to professional standards.
Philosophy alignment creates confidence. Nearly 33% of people want their advisor’s investment philosophy to align with their own views and comfort level. Some people prefer conservative, steady approaches while others are comfortable with more aggressive strategies, may prefer socially responsible investments, digital asset knowledge, etc. Finding an advisor whose natural style matches your preferences can prevent conflicts and second-guessing down the road.
The red flags that kill deals: On the flip side, certain advisor behaviors consistently send people looking elsewhere. Pushy or aggressive sales tactics top the list, mentioned by 53% of participants, as a major red flag. Nobody wants to feel pressured into financial decisions, especially by someone asking them to hand over control of their money.
Transparency failures are relationship killers. Just over 38% of people consider lack of transparency about fees or commissions a major red flag. If an advisor can’t or won’t clearly explain their pricing structure, how can you trust them with more complex aspects of your financial life?
Communication problems predict future frustration. Poor communication or responsiveness during the hiring process signals future problems, according to 38% of survey participants. If an advisor is hard to reach, slow to respond, or unclear in their explanations now, these issues are unlikely to improve once they have your business.
Trust your instincts. More than one in four people (27%) said a “bad gut feeling” or lack of trust during the initial meeting would make them hesitant to hire an advisor. Sometimes the credentials look good and the fees seem reasonable, but something just feels off. Trust that instinct as you’ll be sharing intimate financial details with this person, so comfort and confidence are essential.
Key Takeaway & Section Resources:
Look for advisors who are transparent about pricing, respond promptly to your questions, have relevant specialized experience, and make you feel comfortable and confident. Avoid anyone who uses high-pressure tactics, can’t clearly explain their fees, or gives you a bad feeling during initial interactions. Remember, you’re not just hiring expertise, you’re entering into a relationship that could last for decades.
🤔 Resources to Decide Which Advisor to Hire
💡 Actionable Insights for Financial Advisors
Price Competition vs. Value Communication
While 48% consider pricing among top factors, the data shows this isn’t about being cheapest, it’s about demonstrating clear value for your fees. This is another area where online reviews and client testimonials can reassure prospects that they’re likely to become your next satisfied client if they hire you, too.
Value-Based Pricing Strategy:
- Fee Justification: Clearly articulate what clients receive for your fees compared to lower-cost alternatives.
- Service Differentiation: Highlight specialized services that generic providers and robo-advisors can’t offer. Focus on areas where you can deliver value that are unlikely to be commoditized by technology.
- ROI Documentation: Provide examples of how your advice has saved or earned clients money that more than justifies the nominal cost of your services.
Responsiveness as Client Service Predictor (43% Top Factor)
Your response time during the sales process signals how you’ll treat prospects as clients. This becomes a powerful competitive differentiator.
Communication Excellence Implementation:
- Response Time Tracking: Monitor and improve your average response times to inquiries.
- Communication Preferences: Ask prospects how they prefer to communicate and adapt accordingly.
- Proactive Updates: Send regular updates throughout the decision-making process.
- Accessibility: Provide multiple ways for prospects to reach you (phone, email, scheduling links).
Specialization Depth (41% Value Deep Experience)
Generic financial advice is increasingly commoditized. Specialization commands premium fees and will result in higher close rates.
Niche Development Strategy:
- Target Market Definition: Clearly define and communicate your ideal client profile.
- Industry Expertise: Develop deep knowledge in specific industries or life situations.
- Case Study Development: Create detailed examples of how you’ve helped similar clients. Curate testimonials to share with prospects that reflect the experiences of clients with similar needs or circumstances of each prospect. Yes, there’s a compliant way to do this and Wealthtender can help.
- Content Marketing: Produce content that demonstrates specialized knowledge and insights.
Red Flag Avoidance (53% Reject Pushy Sales)
High-pressure tactics don’t just fail, they actively repel prospects. The data shows clear behaviors that kill conversions.
Ethical Sales Process:
- Consultative Approach: Focus initial meetings on understanding prospect needs, not presenting solutions.
- No-Pressure Environment: Give prospects time to make decisions without artificial urgency.
- Educational Focus: Position yourself as an educator first, salesperson second (last).
- Transparent Process: Clearly explain your client onboarding and service process.
🤓 Dive Deeper into the Data
7. Why Americans Plan to Hire a Financial Advisor
Understanding why people seek financial advice can help you clarify your own needs and find an advisor who specializes in your particular situation. The survey reveals clear patterns in what drives people to seek professional help.
Retirement planning dominates the priority list. When asked about their most important financial goals, 63% of survey participants mentioned retirement planning and income strategies. Retirement planning involves complex decisions about lifestyle aspirations for your golden years, savings rates, workplace retirement accounts, taxes, investment allocation, Social Security timing, and withdrawal strategies, so it’s not a surprise this continues to rank at the top. Many people recognize they need professional guidance to navigate these decisions confidently.
Investment management follows closely behind. Just over half (53%) of respondents want help with investment management and portfolio growth. While online platforms have made it easier to buy and sell stocks and other types of investments, many people still want professional guidance on asset allocation, risk management, and adapting their strategy as markets and personal circumstances change.
Tax optimization offers concrete value. Nearly 30% of people seek help with tax planning and optimization, an area where professional guidance can often pay for itself. A skilled advisor can help you understand tax-efficient investment strategies, retirement account contributions, and timing of financial decisions to minimize your tax burden.
Estate planning provides peace of mind. About one in four participants want assistance with estate planning and wealth transfer strategies. These decisions can be emotionally charged and legally complex, making professional guidance particularly valuable for ensuring your wishes are properly documented and your family is protected.
The most valuable role an advisor can play: When asked what they see as the most valuable role a financial advisor can play in their life, nearly half (49%) said “helping me plan for long-term goals like retirement and education.” This reinforces that people are looking for strategic, big-picture guidance rather than just stock picking or transactional services.
Expert investment advice ranks second. About 34% consider “providing expert investment advice” the most valuable advisor role. This suggests people want professional insight on portfolio construction and market navigation, but they see it as part of a broader planning relationship.
Reducing financial stress matters significantly. More than one in four people (28%) said “helping me feel less financial stress and anxiety” is the most valuable role an advisor can play. This finding highlights emotional factors that investing apps and robo-advisors can’t provide: The peace of mind that comes from having a professional help you navigate financial decisions. Our 2025 Wealthtender Voice of the Client Study reinforces these findings, as nearly 90% of client reviews written about financial advisors focus on relationship quality, planning advice, and emotional factors, while only 1 in 10 reviews centers on investments or portfolio management.
Planning and optimization round out the priorities. About 27% want help “optimizing taxes and savings,” while 17% value “keeping me accountable and on track.” These responses suggest people recognize that good financial outcomes require both smart strategies and consistent execution.
The holistic value proposition: What emerges from this data is a picture of Americans who want comprehensive financial guidance, not just investment management. They’re looking for professionals who can help them plan for major life goals, optimize their tax situation, reduce financial anxiety, and stay accountable to their long-term objectives.
Finding the right fit for your needs: If retirement planning is your primary concern, look for advisors who specialize in that area and can show you examples of retirement income strategies they’ve developed for other clients. If investment management is your focus, seek out advisors with strong portfolio management credentials and a clear investment philosophy that aligns with your risk tolerance.
Key Takeaway & Section Resources:
The key insight is that most people aren’t just looking for someone to pick stocks, mutual fund, or ETFs; they want a trusted partner who can help them make better financial decisions across all areas of their life, and navigate the best and most challenging events that occur during their working years and throughout retirement.
🔎 Resources to Find the Right Advisor for You
💡 Actionable Insights for Financial Advisors
Client Motivation Understanding – Service Development & Marketing Considerations
Retirement Planning Dominance (63% Priority)
The overwhelming focus on retirement planning creates both opportunities and challenges for advisor positioning.
Service Development Strategy:
- Retirement Specialization: Develop comprehensive retirement planning processes and tools.
- Outcome Documentation: Track and promote client retirement success stories.
- Educational Content: Create extensive retirement planning resources (guides, calculators, webinars).
Investment Management Evolution (53% Priority)
While investment management remains important, prospects increasingly view it as part of comprehensive planning rather than standalone service.
Holistic Service Positioning:
- Integrated Approach: Market investment management as an integral component of comprehensive financial planning.
- Technology Integration: Use portfolio management technology to demonstrate impactful analysis capabilities.
- Custom Solutions: Highlight personalized investment approaches rather than one-size-fits-all portfolios.
Stress Reduction Value Proposition (28% Seek Less Financial Anxiety)
The emotional benefits of advisor relationships are often undermarketed but highly valued by clients.
Emotional Benefit Marketing:
- Peace of Mind Messaging: Develop marketing content that addresses financial anxiety and stress.
- Client Testimonials: Collect and share stories about how your guidance reduced client stress.
- Behavioral Coaching: Market your role in helping clients make better financial decisions in challenging circumstances.
- Accessibility: Emphasize your availability during market volatility and life transitions.
Comprehensive Planning Recognition (49% Value Long-term Goal Planning)
Prospects understand that effective financial advice goes beyond investment selection to encompass life goal achievement.
Service Package Development:
- Goal-Based Planning: Structure services around major life goals rather than product categories.
- Progress Tracking: Implement systems that show clients their progress toward stated objectives.
- Life Event Planning: Develop expertise in major financial transitions (career changes, divorce, inheritance).
- Family Financial Education: Offer services that help entire families improve financial literacy (and that can improve your relationship with the next generation to demonstrate your value and increase the likelihood of retaining their business in the future.)
🤓 Dive Deeper into the Data
8. Are You Ready to Hire an Advisor?
If you’ve made it through this entire report, you’re probably serious about finding a financial advisor sooner rather than later. The data we’ve reviewed provides ample insights into the ways many Americans plan to find and hire advisors, but it’s important to remember that everyone’s circumstance are unique, including yours.
Throughout this survey, we’ve seen that people who work with financial advisors tend to be satisfied with the relationship and our Wealthtender Voice of the Client study shows overwhelming positive sentiment in actual client reviews. Of course, it’s important to ensure you find the right advisor and we hope the insights shared in this report provide you with the confidence to start your own search knowing your odds of hiring the best advisor for you improve dramatically when you take the time to evaluate multiple advisors, ask the right questions, read their reviews, and not feel pressured to making a hiring decision until you find an advisor who you feel enthusiastic about working with for potentially decades to come.
You now have a data-backed search strategy. The survey data provides ideas to inform your own approach to finding the right advisor:
- Start with referrals from trusted friends, family members, and professionals in your network
- Use online resources to research potential advisors, including search engines like Google, advisor directories like Wealthtender, and AI tools like ChatGPT
- Focus on advisors who specialize in your particular needs and life stage
- Prioritize fee transparency, professional credentials, and positive client reviews
- Plan to contact 2-3 advisors (or more) to compare your options
- Trust your instincts about communication style and personal comfort level
The timing might be right. If you’re currently thinking about retirement planning, investment management decisions, tax optimization opportunities, or simply want to reduce financial stress, you’re facing the same challenges that drive most people to seek professional guidance. The fact that you’re researching this topic suggests you’re at a point where professional advice could add significant value.
Your expectations are realistic. You now know that finding the right advisor takes time and research. You understand that most people contact multiple advisors before making a decision. You’re prepared for the fact that good advisors will be transparent about their fees, responsive to your questions, and focused on understanding your specific situation rather than pushing one-size-fits-all solutions.
The technology landscape works in your favor. You’re comfortable with advisors using technology to enhance their service: AI for data analysis, online meeting platforms for convenience, and digital tools for account monitoring. On the other hand, most people still believe that human oversight and personalized guidance remain essential for important financial decisions.
Consider your readiness factors:
- Do you have specific financial goals that would benefit from professional guidance?
- Are you comfortable investing the time to research and interview multiple advisors?
- Do you have realistic expectations about fees and the value a financial advisor can deliver?
- Are you ready to be honest about your financial situation and openly communicate your goals with a professional?
- Do you understand that working with an advisor is a long-term relationship, not a quick fix?
If you answered “yes” to most of these questions, you’re probably ready to start your search. Use the insights from this report to guide your research, and remember that the goal isn’t just to find any advisor, it’s to find the right advisor for your unique situation and needs.
Get to Know Wealthtender
Wealthtender is a leading personal finance publication and financial professional discovery platform dedicated to helping people like you enjoy life more with less money stress.
In the last year, half a million people visited wealthtender.com looking for financial guidance. Around 50,000 people visit Wealthtender each month to make smarter money moves and discover financial advisors on Wealthtender based on the criteria most important to their unique needs.
Our independence lets us feature financial advisors with a greater diversity of backgrounds and experience than typically found on other find-an-advisor sites.
In 2021, Wealthtender launched the industry’s first financial advisor online review platform to help consumers make more informed hiring decisions.
Find Advisors by City | Search Advisors with Reviews | Hire a Specialist Advisor
Are You a Financial Advisor?
Thank you for taking time to read our latest study. We hope you found the data and insights useful.
If you haven’t yet joined Wealthtender, we would love to have a conversation and get to know you.
Hundreds of financial advisors and wealth management firms partner with Wealthtender to convert more prospects into clients with digital marketing benefits that strengthen SEO (Search Engine Optimization) and AEO (Answer Engine Optimization), increase their visibility in zero-click searches, generate leads aligned with their ICP (Ideal Client Profile), and collect online reviews with the industry’s first testimonial marketing platform designed for SEC/FINRA compliance.
For more information, please visit wealthtender.com/grow.
We look forward to welcoming you to Wealthtender.
Wealthtender 2025 Study Design & FAQs:
$100K+ Households Seeking Financial Advice
Wealthtender conducted its 2025 Study of $100K+ Households Seeking Financial Advice through Pollfish during the last week of July 2025. Pollfish uses organic mobile and web app sampling to reach respondents, providing access to a diverse, representative sample of the target demographic.
Establishing the Survey Audience and Eligibility Requirements
In order to achieve our target of 500 participants with the right “fit” for this survey, a total of 1,557 individuals who met audience eligibility requirements (US adults between the ages of 35-64 with an annual household income of at least $100,000) were asked a series of screening questions.
We excluded 516 respondents who indicated they already work with a financial advisor and are very satisfied with no plans to make a change. The remaining 541 individuals excluded from participation included those who indicated they don’t participate in household financial decisions or who didn’t meet employment criteria.
With a sample size of 500 respondents from the target demographic, the margin of error is approximately ±4.4% at a 95% confidence level. This provides reliable insights into the behaviors and preferences of $100K+ households considering financial advisory services.
Responses to Screening Questions Among the 500 Survey Participants:
2025 Study FAQs:
For an in-depth look into the data behind the study findings presented above, please refer to the FAQs below.
Consumer FAQs
General Advisor Search Questions
Q: How long should I expect the advisor search process to take?
A: Based on our survey data, most people contact 2-3 advisors before making a decision, with 96% conducting online research even for referred advisors. Plan for 2-4 weeks to properly research advisors, read their reviews, schedule initial consultations, and compare your options. Remember, this is an important decision that could impact your financial future for decades; taking time to find the right fit is worth the investment.
Q: Should I only consider local financial advisors?
A: Not necessarily. Our study found that 33% of survey participants said location doesn’t matter because they prefer to meet exclusively online. With modern technology, many advisor-client relationships work effectively through virtual meetings. Focus on finding an advisor with the right expertise and specialization for your needs, regardless of location, though if you find two advisors that feel like a similar fit, hiring the advisor who lives nearby may provide added comfort if you do decide you would like to meet in person.
Q: How quickly should I expect a response when I contact a financial advisor?
A: Nearly half of survey participants expect a response within 24-48 hours, with many expecting even faster responses. If an advisor takes more than 2-3 business days to respond to your initial inquiry, this may indicate how responsive they’ll be once you’re a client. Quality advisors typically respond within 4-24 hours during business hours.
Q: Is it normal to interview multiple financial advisors?
A: Absolutely. Our study shows 97% of people plan to contact multiple advisors before making a hiring decision. This is not only normal but strongly encouraged. Comparing 2-3 advisors helps you understand different approaches, fee structures, and specializations, ultimately leading to a better choice for your specific situation.
Fee and Cost Questions
Q: What should I expect to pay for financial advisory services?
A: Financial advisor fees vary significantly based on services provided, your asset level, and the advisor’s fee structure. Common models include asset-based fees (typically 0.5% to 1.5% annually), hourly rates ($150-$500+ per hour), flat project fees, or monthly subscription fees. Always ask for a clear, written explanation of all costs before engaging an advisor. Our study shows 73% of people consider fee transparency the most important trust factor.
Q: Should I be suspicious if an advisor won’t discuss fees upfront?
A: Yes. Lack of fee transparency was identified as a red flag by 38% of survey participants. Reputable advisors should be able to clearly explain their fee structure, what services are included, and provide estimates based on your situation. If an advisor avoids fee discussions or says “we’ll discuss that later,” consider this a warning sign.
Q: Are more expensive advisors necessarily better?
A: Not always. While our study shows pricing is the top factor (48%) in final advisor selection, this doesn’t mean choosing the cheapest option is the best choice. Focus on value: what services you receive for the fees paid, the advisor’s expertise in your specific situation, and their track record of helping clients achieve their goals. Sometimes paying more for specialized expertise saves money in the long run.
Trust and Credibility Questions
Q: How important are professional credentials like CFP or CFA?
A: Our study shows 63% of people consider professional credentials a key factor in determining trustworthiness. Credentials like CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) require extensive education, rigorous testing, and ongoing professional development. They indicate an advisor’s commitment to professional standards and ethical behavior. Learn more about professional designations held by advisors.
Q: Should I be concerned if an advisor has few or no online reviews?
A: It depends. Our study found that 17% of people consider “no online reviews” a red flag, while 33% are concerned about negative reviews. Newer advisors or those transitioning from large firms may have fewer reviews initially and some advisors remain prohibited from asking their clients to write reviews through no fault of their own – Believe it or not, some states prohibit certain advisors from inviting their clients to share their feedback online. However, if an advisor has been practicing for several years and has no online presence or reviews, this might indicate a lack of focus on client satisfaction or digital sophistication.
Q: What if I get a bad feeling about an advisor during our first meeting?
A: Trust your instincts. Our study shows 27% of people consider a “bad gut feeling” during the initial meeting a red flag that would make them hesitant to hire an advisor. You’ll be sharing intimate financial details with this person, so comfort and trust are essential. If something feels off, even if you can’t pinpoint exactly what, it’s perfectly acceptable to continue your search.
Service and Specialization Questions
Q: Do I need an advisor who specializes in my specific situation?
A: Specialization is increasingly important. Our study shows 64% of people want to know an advisor’s areas of specialization before making contact, and 41% consider “depth of experience or specialization in my situation” a top factor in final selection. An advisor who regularly works with people in your profession, life stage, or financial situation will likely provide more relevant guidance than a generalist.
Q: What’s the difference between a financial advisor and a financial planner?
A: The terms are often used interchangeably, but there can be distinctions. Financial planners typically focus on comprehensive financial planning (retirement, tax strategies, estate planning), while some financial advisors may focus primarily on investment management. Our study shows 49% of people want help with long-term goal planning, so look for advisors who offer comprehensive planning services if that matches your needs.
Technology and AI Questions
Q: Should I be concerned about advisors using artificial intelligence?
A: Our study shows most people are comfortable with advisors using AI for specific tasks. Comfort levels are highest for fraud monitoring (77% comfortable), market data analysis (74%), and meeting transcription (74%). However, only 45% are comfortable with AI making investment decisions without human oversight. The key is ensuring AI enhances your advisor’s capabilities rather than replacing human judgment in important decisions.
Q: Is it okay to work with an advisor who only meets virtually?
A: Absolutely. One-third of our survey participants actually prefer online-only meetings. Virtual advisor relationships can often be just as effective as in-person ones, especially with today’s technology. Focus on the advisor’s communication skills, responsiveness, and expertise rather than meeting format. Many successful advisor-client relationships are conducted entirely online.
FAQs for Reporters and Researchers
Study Methodology and Design
Q: What was the sample size and how were participants selected?
A: The study surveyed 500 U.S. adults with household incomes over $100,000, selected from a larger pool of 1,557 individuals who met basic demographic criteria (ages 35-64, $100K+ household income). Participants were screened to include only those who either don’t currently have a financial advisor or have one but are considering a change, and who anticipate hiring an advisor within the next five years.
Q: Why did you exclude satisfied clients of current advisors?
A: We excluded 516 respondents who indicated they already work with a financial advisor and are very satisfied with no plans to make a change. This study specifically focuses on the search and hiring behavior of people actively considering or planning to hire an advisor. Including satisfied clients would have skewed results away from actual search and evaluation behaviors.
Q: What was the margin of error for this study?
A: With a sample size of 500 respondents from the target demographic, the margin of error is approximately ±4.4% at a 95% confidence level. This provides reliable insights into the behaviors and preferences of $100K+ households considering financial advisory services.
Q: How was the survey administered?
A: The survey was conducted through Pollfish during the last week of July 2025. Pollfish uses organic mobile and web app sampling to reach respondents, providing access to a diverse, representative sample of the target demographic.
Technical and Data FAQs
Q: What demographic factors might influence these findings?
A: Our study focused on adults ages 35-64 with $100K+ household incomes who are decision-makers in their households. This demographic is typically tech-comfortable (explaining high AI tool usage), values transparency and efficiency (busy professionals), and has accumulated enough assets to benefit from professional advice. Results might differ for other age groups or income levels.
Q: How do these findings compare to pre-pandemic advisor search behaviors?
A: While we don’t have direct comparison data, the 33% preference for online-only meetings and 25% usage of AI search tools likely represent significant increases from pre-2020 behaviors. The integration of technology into advisor search and service delivery appears to have accelerated, with consumers now expecting digital-first experiences even for traditional services like financial advice.
Q: What trends might we expect to see in future studies?
A: Based on current data, we anticipate: 1) Continued growth in AI tool usage for advisor searches, 2) Increasing expectation for faster response times and digital-first communications, 3) Greater emphasis on specialization as the advisor market becomes more sophisticated, 4) Continued importance of online reviews and digital reputation management, and 5) Further acceptance of virtual advisor relationships regardless of geographic location.
Q: How reliable are the AI comfort level findings given rapid technology changes?
A: The AI comfort data represents a snapshot from July 2025 and should be interpreted as indicative of current trends rather than permanent preferences. However, the pattern of higher comfort with AI for administrative and analytical tasks versus lower comfort with autonomous decision-making is likely to remain consistent even as specific technologies evolve.
Q: Could selection bias affect the study results?
A: The study design minimizes several potential biases by: 1) Excluding satisfied current clients who aren’t seeking changes, 2) Focusing on people who have demonstrated intent to hire advisors within 5 years, and 3) Using broad demographic criteria rather than narrow target groups. However, results reflect the preferences of higher-income, decision-making adults and may not represent all consumer segments interested in financial advice.
Q: How do economic conditions affect advisor search behaviors?
A: While this study was conducted during a specific economic period (July 2025), the behavioral patterns identified (e.g., preference for research, multiple advisor comparison, fee transparency, and specialization) are likely consistent across different economic conditions. However, economic stress might increase the importance of fee sensitivity and the urgency of financial planning needs.
FAQs for Financial Professionals
Implementation and Application
Q: How should financial advisors prioritize the insights from this study?
A: Focus on the highest-impact findings first: 1) Fee transparency (73% priority) – ensure your pricing is clearly communicated across all marketing materials, 2) Online reputation (83% research reputation) – implement a compliant, systematic review collection process (ahem – join Wealthtender), 3) Response time (50% expect 24-48 hour response) – establish faster response times, and 4) Specialization clarity (64% want specialization info) – clearly communicate your areas of expertise.
Q: What’s the ROI of investing in online reputation management based on these findings?
A: The data strongly supports investing in online reputation management. With 83% of prospects researching advisor reputation online and 61% considering positive reviews essential for trust-building, advisors with strong online reputations have significant competitive advantages. The study shows prospects contact 2-3 advisors, meaning superior online presence directly impacts whether you make the initial shortlist. Anecdotally, we know advisors with reviews on Wealthtender who are winning business over advisors without reviews. If you’re not yet collecting testimonials and publishing online reviews, you’re missing out on an incredibly powerful and proven marketing tactic.
Q: How should smaller advisory firms compete with larger firms based on these insights?
A: The study reveals several advantages for smaller firms: 1) Responsiveness – smaller firms can often respond faster than large institutions, 2) Specialization – boutique firms can develop deeper expertise in specific niches, 3) Personal attention – 33% value good listening and communication skills, 4) Transparency – smaller firms often have simpler, more transparent fee structures. 5) Online reviews – It might be years (decades?) before certain wirehouse firms let their advisors use online reviews, in spite of the data that shows how important online reviews are to prospective clients. Focus on these differentiators rather than trying to compete on brand recognition or marketing budgets.
Q: What does the AI comfort data mean for technology adoption in advisory practices?
A: The data provides a clear roadmap for AI adoption. Implement AI tools for high-comfort applications first: fraud monitoring (77% comfortable), market data analysis (74%), and meeting transcription (74%). Avoid or carefully position AI tools for investment decision-making (only 45% comfortable with autonomous AI decisions). Market AI as enhancing your human expertise rather than replacing it.
Report Republishing Guidelines
Q: Can I reference this study in my own research or articles?
A: Yes, you are welcome to reference and republish any part of this Wealthtender study, including embedded graphics. We ask that you include proper attribution to “Wealthtender 2025 Study of $100K+ Households Seeking Financial Advice” and include a link back to the full study at wealthtender.com/find.
Q: Is the raw data available for additional analysis?
A: Selected aggregate data tables are included in the study report. For additional data requests or custom analysis, please send yourfriends@wealthtender.com a note with the details of your request. We may be able to provide additional insights while maintaining participant privacy and confidentiality.
Q: How does this study compare to other financial advisor research?
A: This study is unique in its focus on the actual search and hiring behaviors of high-income households actively seeking advisory services. Most industry studies survey existing advisor-client relationships or general financial attitudes. Our focus on the 35-64 age group with $100K+ incomes captures the demographic most likely to benefit from and afford professional financial advice.
About the Author
Brian Thorp
Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian
