Most Americans Lack Confidence in Managing Inheritance Alone: Survey

Bad advice also makes inheritors, especially younger ones, wary of financial professionals. Thirty-two percent of survey participants said that after coming into a large sum of money, they received poor advice about what to do with it, including 54% of millennials and 51% of Gen Zers.

“This sharply underscores an opportunity for seasoned wealth managers to foster meaningful, trusted relationships with customers and take market share from the large incumbent wealth firms,” Brendan Coughlin, vice chair and head of consumer banking at Citizens, said in a statement.

Wakefield Research conducted the survey between Feb. 16 and March 1 among 1,500 nationally representative U.S. adults, including an oversample of 500 owners of small and mid-market businesses.

Achieving Financial Goals 

The survey found that Americans with financial goals understand the importance of advice from an experienced professional to help achieve them. Seventy-nine percent of boomers said they would consult an advisor for guidance on achieving their goals, followed by 67% of Gen Xers, 61% of millennials and 59% of Gen Zers. 

Across all generations, the chief objectives are investing more, saving for retirement and building up savings.

According to the survey, respondents appear to know what they want in an advisor. Sixty-five percent said communication is a key quality they look for. Sixty-one percent cited a proven record of success, and 59% said they want the advisor to understand their distinct needs.