2022 Investment Trends Survey Shows DIY Investors Continue to Build Steam, But Financial Advisors Are Still a Mainstay – PRNewswire

RADNOR, Pa., Feb. 10, 2022 /PRNewswire/ — DIY investing continues to build steam as over a third (34%) of Americans reveal that they manage all of their own investments, according to a recent trend survey carried out by eMoney Advisor (eMoney), a leading provider of technology solutions and services that help people talk about money.

However, the data also shows that financial advisors are valued by many as 38% of U.S. adults who stated that they rely on their financial advisor to manage all of their investments. Additionally, 23% employ a hybrid model – working with a financial advisor and managing some of their own investments simultaneously.

Although many Americans lean on financial advisors for advice, those within their immediate social circle and networks are also very important, with 30% of respondents admitting that they rely on friends and family for financial guidance. Meanwhile, 27% percent rely on their bank or credit union, a quarter (25%) rely on web searches like Google and one-fifth (20%) rely on their employer.

“Americans are craving meaningful and responsible financial advice. With endless access to information available online, it’s difficult to identify what’s sound financial advice and what is not. It’s important for those seeking financial guidance to find credible sources. If you don’t have a financial advisor or planner, turning to your bank or credit union is a smart decision. And more and more, people are turning to their employer for both financial guidance and resources to help them make informed financial decisions,” said Celeste Revelli, CFP, director of financial planning at eMoney.

Top reasons Americans manage their own investments and do not work with a financial advisor

There are many reasons why U.S. adults don’t work with an advisor and instead manage their own investments. The highest-ranked motive is because they feel confident handling their own finances (33%), according to eMoney’s survey. This is closely followed by people feeling that financial advisor fees are too high and that they don’t want someone else in control of their money – both coming in at 32%. Other hindering factors include feeling embarrassed about one’s financial situation (18%) and the lack of digital tools/platforms available to engage with financial advisors (18%).

The most common types of investments and investment accounts

Whether U.S. adults are working with an advisor or not, almost two thirds (65%) have investments and/or investment accounts. The most popular investments Americans hold are: