The 2021 Consumer Financial Behavioral Study results are in. They have a major lesson in happiness. Watch this week's Arista Advice to find out what it is!
Full Transcript:
Hello, welcome to Arista Advice! I have wonderful survey results that I want to share with you. The 2021 Consumer Financial Behavioral Survey is in. Angie Herbers's a well respected thought leader in the industry of financial independent advice conducted this survey.
They sent out a thousand different surveys across the United States to independent random individuals, to qualify you had to have $250,000 or more of investable assets. They statistically determined that people are happier if they have, happier if they have, hired a financial advisor.
Let's determine and go through what the four quadrants of happiness meant. To gauge the level of consumer happiness, Herbers and Companies created a list of 43 statements. The survey questions, which were derived from core principles of psychotherapy, delved into consumers daily behaviors and interactions. Herbers and companies found four areas of happiness. They were grateful, intention, impact, and fulfillment.
As you'll see on this chart, happiness increases for people who hire a financial professional and planner. Their happiness was much higher than those who had no financial advisor. The second graph, which I think is really, really important is that as individual's assets grew and especially as their assets moved past $1.2 million, and it went to $2 million to $3 million to $4 to $5 and to $6 and higher, their happiness increased. You'll see those that didn't have a financial advisor, their unhappiness accelerated as they got more money.
The takeaway? Hire a financial advisor, particularly a fiduciary financial advisor, who you can speak with, talk with, and share some of the complexities that it takes to manage the wealth that individuals have. Always remember, go to AristaWealth.com to look at other tools, videos, and tips to help you live a life of significance.