Investors lack knowledge about certain financial products, which leads most of them to use a financial adviser, according to a recent survey from the Insured Retirement Institute (IRI), a Washington, D.C.-based nonprofit organization representing financial professionals, insurers, asset managers and brokers-dealers.
At least 46% of investors say they are not highly knowledgeable about stocks and mutual funds, and 62% work with an adviser, the survey found. Theyre consulting the adviser about the amount of savings needed, intended retirement age, lifestyle and long-term care planning. Fifty-four percent of investors own bonds, and 38% own annuities.
