TikTok financial advice and investment sub-Reddits may offer some useful — and free — insights for people looking to get their money in order, but they’re no substitute for a financial advisor.
New data from Google Trends show that Americans came to that realization en masse over recent weeks as search interest for financial advisors surged to the highest level seen since the start of the COVID-19 pandemic.
The spike in interest is a boon for advisors looking to attract new clients and expand their practices, but it’s also a signal of growing concerns about the state of the market.
“Clients typically think about financial planning when they are worried,” said Filip Telibasa, owner of Benzina Wealth in Sarasota, Florida. “Right now, a lot of folks are concerned with political and economic issues.”
It’s hardly a mystery why. Industry executives have warned that a flurry of new tariffs on goods from Canada, Mexico and China could have devastating consequences for the economy. Sticky inflation has slashed hopes that the Federal Reserve will announce additional rate cuts this year. And to top it off, the S&P 500 continues to mark new all-time highs, raising concerns about current market valuations.
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For older clients concerned about the current market, it’s all about wealth preservation, according to Craig Toberman, a partner at Toberman Becker Wealth in St. Louis. A growing number of Toberman’s clients have voiced concerns about making sure their retirement plans aren’t thrown off the rails by economic disruptions or market bubbles, he said.
“When you think about, you know, 10 stocks controlling 40% of the market cap of the S&P, that kind of market cap with the magnificent seven and everything worries them,” Toberman said “So I’m getting a lot of questions like that from people searching the internet and also my existing clients.”
Are market fears an advisor’s gain?
Search data shows that interest in financial advisors often surges during particularly fear-inducing events. In January 2020, the number of people searching Google for financial advisors spiked to its highest level on record as the first reported case of COVID-19 hit the United States.
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Google measures search interest on a relative scale from 0 to 100, with 100 being the most search interest in a given period. Just two years after the start of the pandemic, interest spiked again as the inflation rate hit a 40-year high, driving consumer fears about cost-of-living expenses.
Market concerns are a big factor driving current interest in professional financial planning, but advisors say they’re not the only factor at play. The average age in the United States is on the rise, driving a growing number of would-be retirees to seek financial advice. According to the U.S. Census Bureau, nearly 10,000 baby boomers turn 65 every day. That fact extends to financial advisors themselves, with over a quarter of CFPs being 60 or older.
Together, a swelling retiree population and a shrinking crop of young advisors are driving what Toberman calls a “supply-and-demand mismatch.” For some advisors, that mismatch has been a major driver for their practices.
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Andrew Fincher, a financial advisor at VLP Financial Advisors in Vienna, Virginia, said that his firm has seen major growth over the past year. According to Fincher, an aging millennial population and better advertising from the CFP Board have helped spur that growth, but political and economic uncertainty has also driven new clients to seek advice.
A seasonal cycle helps drive new client interest
Advisors say that new client interest also tends to fall into seasonal cycles.
“Many are reviewing finances to start the new year, evaluating cash flow and income after a year-end raise, and organizing tax documents,” said Noah Damsky, founder of Marina Wealth Advisors in Los Angeles. “This is a seasonal trend similar to how prospective client interest declines in the summer.”
Data from Google backs up Damsky’s point. Since 2015, the first quarter has seen notably higher search interest in financial advisors compared to the rest of the year. That fact holds true even if you exclude outliers from 2020 and this year when interest spiked in January. On average, search interest for advisors is 5.3% higher in the first quarter compared to the rest of the year, according to Financial Planning analysis of Google Trends data.
Toberman has seen his share of new clients reaching out at the start of the year as part of their resolutions, but he said “it’s more than that” this time.
“It’s a scary moment for a lot of them,” Toberman said.
