Why clients withhold financial info from advisors

The following are other topics respondents withhold from their advisor:

• Personal loans to friends or family members — 29.6 percent;
• Debts incurred — 25.7 percent;
• Stocks purchased — 18 percent;
• Real estate purchased — 15.5 percent;
• Life insurance policy purchased — 11.7 percent;
• Spouse started a new job — 10.2 percent;
• Started a new job — 8.7 percent;
• Other financial-related topics — 4.9 percent.

As to the reasons why they choose not share this information with their advisors, 51.5 percent say the topics are "too personal." Significant percentages flag the following:

• Believe the information is beyond the realm of financial strategy — 44.7 percent;
• Embarrassed — 20.4 percent;
• Happened recently and have not had an opportunity to share yet — 16 percent;
• Do not trust or feel uneasy sharing every detail with the advisor — 10.7 percent.

When questioned what changes they would make if their advisor were privy to the undisclosed financial information, respondents answer as follows: