Thirty-six percent of Black Americans report that they have a financial advisor, according to Allianz Life's 2023 consumer survey of Americans' views on retirement planning.
This represents a rebound from 2022, when engagement fell by 14 percentage points to 24% year over year. Hispanic investors report similar shifts in working with a professional financial advisor, rising from 35% in 2022 to 42% this year, after falling from 44% in 2021.
At the same time, both groups lag white Americans, 47% of whom work with an advisor.
The increased engagement with advisors by Black and Hispanic Americans tracks with a corresponding increase in confidence, the survey found.
Asked how confident they feel about being able to financially support all the things they want to do, Black, Hispanic and white Americans all reported an 80% confidence level, up nine points year over year for Black Americans and up five points for Hispanic Americans.
"It's great to see an increase in diverse populations working with financial professionals and gaining confidence," Travis Walker, business solutions and diversity consultant at Allianz Life, said in a statement. "But clearly the industry has more work to do. We have to really listen to what our clients and potential clients are telling us about what they want, and don't want, in a financial professional."
Allianz Life conducted the online study in February and March with a nationally representative sample of 1,000 individuals age 25 and older with an annual household income of $50,000 or more for single individuals and $75,000 or more for married or partnered ones, or $150,000 of investable assets.
Different Financial Priorities
Allianz Life sought to understand why diverse investor groups do not discuss certain important issues with a financial advisor. Thirty-eight percent of Black Americans and about a third each of Hispanic and Asian Americans said they use other resources to find solutions to these issues.
