Who do money experts turn to for financial advice?

Financial Advisors



People tend to be closer to home when seeking financial advice. A new survey of her more than 1,000 adults by GOBankingRates found that nearly half (46%) of the nation first seek financial guidance from family and friends. That’s nearly three times as many as 16% searching online, 14% searching on social media, 9% relying on a well-known money expert, and 8% seeking advice from an accountant or financial advisor.

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But what about accountants and financial advisors themselves?

GOBankingRates interviewed various money experts to find out where industry professionals are looking for answers to their own financial questions.

Financial planners turn to familiar sources of information: mentors

Many top financial professionals attribute their success to those who coached and mentored them early in their careers. These close and trusted confidants often remain the first and best sources of information for life.

“I consult with mentors and fellow financial planners who are older and personally trusted,” said Raymond Cuisumbing, a registered financial planner and MBA at Bizreport.com. “By consulting with senior advisors, you can benefit from their accumulated knowledge as they have extensive experience with different types of clients. and participate in continuing professional education courses on advanced personal finance topics developed by senior financial planners.”

An asset manager uses books to calm a ‘noise flood’

John Jennings is President and Chief Strategist of the St. Louis Trust and Family Office and Adjunct Professor of Wealth and Asset Management Graduate Program at the Olin School of Business, Washington University in St. Louis. He is also a contributor to Forbes magazine and the author of The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown. He believes it’s important for anyone seeking reliable information to “step back and see the big picture.”

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“Early in my career, I listened to too much economic news,” Jennings said. “I spent hours a day trying to figure out everything that was going on in the economy and markets. I was in the trees so I couldn’t see the forest. I read a lot and shifted my focus to approaching things with a broader perspective.This change has made me a better advisor.”

His favorite books include The Formula for Success by Michael Mauboussin, Winning the Loser’s Game by Charles D. Ellis, Thinking Fast and Slow by Daniel Kahneman, Unconventional Success: Personal Investing. A basic approach to by David Swenson.

“Reading more books and less news has helped me focus on my investment wisdom and escaped the flood of noise we are all drowning in,” Jennings said. . “This shift in focus has made me a better advisor and has significantly reduced my stress levels.”

CFP for Gen Z takes a holistic approach

One of the benefits of life as a financial professional is access to expert networks, industry gatherings, insider data, and experts in various fields. The wisest of them make use of them all.

“As a financial advisor, I believe in taking a holistic approach when seeking financial advice,” said Akpan Ukeme, Certified Financial Planner (CFP) and founder of Finance4Zoomers. said. “I seek advice from colleagues and experts in the field, participate in discussions, attend conferences, and participate in expert networks. This allows us to always have the most up-to-date insights and provide comprehensive advice to our clients.”

CFAs, CEOs, and professors trust their go-to podcasts

If you turn to money-themed podcasts for money advice, you’re in good company. Nearly three of the respondents to the GOBankingRates survey not only did he do the same, but his CFA professor at Endicott College in Beverly, Massachusetts Michael Collins, founder and founder of WinCap Financial So does the CEO.

His favorite podcasts include Streetwise, Barron’s Numbers, and The Compound & Friends.

“Every week on Streetwise, hosted by Jack Hough, we cover a specific investment topic,” Collins said. “Numbers is a daily podcast that provides a quick market overview. The Compound & Friends talks on a variety of topics catering to both individual investors and professionals.”

The industry standard is to utilize all available resources

Kami Adams, financial advisor and founder of the Creative Legacy Group, isn’t just about where to turn to when you need financial advice, but where your colleagues and other industry professionals tend to go for advice. also talked about

In her experience, industry professionals typically use a combination of sources and sources discussed separately by others. The first is a trusted colleague or expert.

“We often collaborate with colleagues and consult with industry experts to discuss complex financial issues and gain diverse perspectives,” Adams said.

Like the 9% of respondents in the GOBankingRates survey, they also look to prominent money experts and authors. “Some of us follow well-known authors and publications that provide reliable insight into personal finance, investing, and wealth management,” says Adams. “This keeps us up to date with the latest trends and strategies.”

Finally, there are resources available to insiders not available to the general public, such as conferences and other industry gatherings. “Participating in conferences, webinars and workshops allows us to learn from industry experts, network with peers and explore innovative financial solutions,” said Adams.

It is noteworthy that none of the professionals interviewed by GOBankingRates mentioned social media and its many “finfluencers” as potential sources of financial advice. This keeps them on par with the average person. The largest percentage of respondents in the GOBankingRates survey (nearly one in three) named social media as the source they were least likely to turn to for financial advice.

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This article originally appeared on GOBankingRates.com: Who do money experts look to for financial advice?

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