‘Trigger event’ often spurs clients

Nearly half of all people who have a financial adviser got into that relationship due to a specific “trigger event,” according to a soon-to-be-released report from the Investment Company Institute.

Nearly half of all people who have a financial adviser got into that relationship due to a specific “trigger event,” according to a soon-to-be-released report from the Investment Company Institute.
Twenty-seven percent of clients hired an adviser after receiving a lump sum of money due to an inheritance or job change, said the report, the results of which were released today at the Tiburon Strategic Advisors CEO Summit XI in San Francisco.
Meanwhile, 21% hired an adviser for help navigating a change in household composition, such as a change in marital status, the birth of a child or the death of a spouse or partner, according to the report.
Washington-based ICI, a fund trade group, surveyed about 1,000 clients of financial advisers and found that another 40% of those clients engaged an adviser because they wanted to address a specific financial goal, such as saving to pay for retirement or education.
Finally, 12% of clients hired an adviser on the advice of a friend or family member, among other reasons, the report showed.