Millionaires don't manage their money alone. In fact, one of the most common traits among wealthy Americans is that they lean on professional help. Some 74% of American millionaires, defined as having at least $1 million in investable assets, report that they have a financial advisor, according to the Northwestern Mutual 2025 Planning & Progress Study. In contrast, just about 34% of the general population do so.
What This Means in Practice
Working with a professional advisor seems to be part of the toolkit that sets millionaires apart. The study shows that millionaires trust financial advisors far more than any other source of financial advice. And 93% of millionaires say they have received financial advice, in comparison to 78% of Americans in general.
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The study also found that millionaires are more likely to have clarity about how much they can spend now versus how much they need to save for later, know how much they'll need to retire comfortably and describe themselves as disciplined planners. Millionaires with advisors also expect to retire two years earlier on average than millionaires without advisors.
That said, you don't need millions for financial help to be valuable. A good financial advisor can help you plan for retirement, avoid costly mistakes and prepare for major life changes even if you don't have a seven-figure net worth yet.
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Tips for Getting More Out of Financial Advice
Here's what to know if you're considering working with a financial advisor:
- Start sooner rather than later. Don't wait until you're rich enough to get financial advice. An advisor can help you build good systems long before you build significant wealth.
- Be clear on your relationship. Every advisor works differently, so be clear about what you're looking for. You want someone who can explain things plainly and give helpful advice, not just pitch you products.
- Look beyond investments. Ask about how your advisor handles taxes, estate planning, long-term care risk and retirement timing.
- Regularly review and adjust. Life changes, markets change, tax rules change. A good advisor helps you revisit your financial plan whenever you need.
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