Majority cite emotional reasons as motivation to hire a financial adviser

New Morningstar research delves into what attracts people to advice

Sahar Nazir
clock • 1 min read

The majority (60%) of advised clients have cited an emotional reason than a financial reason (40%) for hiring an adviser, according to Morningstar.

A study which was conducted by Morningstar among 312 clients between 2021 and 2022, suggested that there are an increased number of emotional drivers when hiring an adviser. "We found clients hired their adviser not just because they were looking for assistance with a specific financial problem," Morningstar said. The financial services company said clients chose their adviser for numerous reasons—not just to help with a specific financial issue. When finding out reasons for hiring their advisers, the study found that the two most cited reasons given by clients were discomfort ...

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