AssetMark Survey: Nearly Half of Americans Stung by Pandemic Now Want to Learn More about Investing

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CONCORD, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — AssetMark (NYSE: AMK) today announced the results of its first American Financial Experience Survey, designed to gauge the attitudes and opinions of American consumers about various factors that affect their financial picture. In its first installment, AssetMark discovered that while the pandemic has made 46% of Americans interested in learning more about investing, 87% of them already invest on some level.

How Has the Pandemic Impacted Attitudes toward Investing?

While the pandemic and its toll on jobs and the economy have prompted a third of Americans to feel more nervous about investing, 38% of non-investors still believe they’ll one day have the money to support a continued desire to become investors. A third of those surveyed even plan to focus on jobs/careers that can put them in a better financial position. 85% of all Americans say the pandemic has made them more committed to spending less and saving more.

How Willing are Americans to Meet with Financial Advisors?

Among non-investors:

32% would meet with an advisor to discuss their investment potential20% wouldn’t, because they believe their financial position would preclude the advisor from taking a meeting

Among investors without advisors:

42% are willing to meet with one10% wouldn’t, because they believe their financial position would preclude the advisor from taking a meeting

Since the start of the pandemic, 62% of the investors with advisors report a change in how they view the performance of their advisor(s):

28% feel more positive about their advisor26% are now questioning who they’re with8% are now unhappy with their advisor38% do not report a change

“Not Knowing Where to Start” Second to Financial Position in Investing Deterrents

While 67% of non-investors say their financial situation prevents them from investing, 46% report it’s also a matter of not knowing where to start. Only 19% report mistrust of the markets being among their reasons not to invest.

“It’s a testament to American resilience to find such a large percentage of people wanting to learn more about investing, so they can make the informed decisions that can improve their financial picture,” said AssetMark CEO Charles Goldman. “It behooves the wealth management industry to do everything it can to educate the American public about investing and the great value financial advisors provide. Even people who don’t think they have much investing power can learn how to improve their financial outlook through sound money management and goal setting.”

2,100 U.S.-based residents 18 years-old and over participated in AssetMark’s American Financial Experience Survey, conducted online August 23-24, 2020.

About AssetMark Financial Holdings, Inc.

AssetMark is a leading provider of extensive wealth management and technology solutions that help financial advisors meet the ever-changing needs of their clients and businesses. Through AssetMark, Inc., its investment adviser subsidiary registered with the U.S. Securities and Exchange Commission, AssetMark operates a platform that brings together fully integrated technology, personalized and scalable service, and curated investment solutions to support financial advisors and their businesses. For more than 20 years, AssetMark has focused on offering the solutions and services that help financial advisors grow. AssetMark had $67.3 billion in platform assets as of September 30, 2020. For more information visit assetmark.com.

SOURCE: AssetMark, Inc.

Contact: Chris Blake MSR Communications for AssetMark, Inc. chris@msrcommunications.com

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