The latest annual retirement study by Allianz Life Insurance Co. of North America reveals a notable gap between Americans expressing a desire to work with a financial advisor (88%) and those doing so (44%), down from 48% in 2022.

The study emphasizes the challenge of converting aspiration into action, especially among millennials, who saw a significant drop in the use of financial professionals (46% in 2022 to 36% in 2023). As reported by InvestmentNews, the survey underscores the need for a holistic approach to financial advice, with respondents preferring collaboration that allows them to maintain control over decisions.

The study recommends that financial professionals focus on collaboration, flexibility, and a deeper understanding of the client's values, priorities, and concerns to better serve the evolving needs of the next generation.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.