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Why People Hire Financial Advisors

Researchers explore three ways to improve your practice.

Do investors hire their financial advisors to fill a specific financial need? Or do they consider other qualities? Our behavioral science team finds that emotions play a big role in choosing a financial advisor.

Morningstar conducted surveys with 3,003 investors to analyze the reasons behind hiring a financial advisor. By understanding why clients hire financial advisors, you can strengthen your firm’s value proposition with prospects.  

Related content: Why Clients Fire Financial Advisors and How You Can Be the Exception

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Research Library Why People Hire Financial Advisors

What's Inside our Research:

  • Dive into the factors – both financial and emotional - that motivate a person to hire a financial advisor.  
  • Explore how people’s discomfort with handling financial issues impacts their hiring decisions.  
  • Discover how advisors can address the emotional drivers that clients don't always express.  
Learn more about behavioral finance.

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