Affluent Investors Are Increasingly Willing to Pay for Advice: Cerulli

The demand for paid financial advice is on the rise among investors with at least $250,000 in investable assets, with a growing number of both men and women expressing a willingness to pay for these services. 

The percentage of men interested in paid financial advice increased from 58% to 63% between 2020 and 2023, according to the Cerulli Edge — U.S. Retail Investor Edition. During the same period, the percentage of women interested in paid advice grew from 52% to 61%.

The research finds differences in the preferences and priorities of men and women. For example, women are more likely to say that their financial advisor was recommended by their employer’s retirement plan or a family member, while men are more likely to seek advice from the type of institution they think will yield the best investment performance.

“There are key differences in marketing to clients of different ages and investable assets, and appealing to both men and women sometimes also requires different acquisition strategies,” John McKenna, a research analyst at Cerulli, said in the statement. “As women take on more financial decision making, either independently or on behalf of their families, having a multi-faceted approach to client acquisition can be a major advantage in both attracting new customers and keeping clients’ families in the fold.”