Investing Attitudes by Occupation
Access to information and research is at an all time high in the world. Thousands of sources of information is available through a simple internet search. The news cycle is 24/7 so there is never a lack of information sources, but sometimes it is hard to know which sources to use to learn about investing. One interesting thing about these sources is that they are used to different levels by different occupations.
Accountants are likely to use financial podcasts, cable business news stations, or websites such as Motley Fool to learn about investing. Attorneys on the other hand are far less likely to use any of those sources and they are more inclined to use other sources. Physicians and dentists are more likely to use websites such as Motley Fool but far less likely to listen to local radio shows to learn about investing.
The need for learning is also different by occupation. Accountants and Attorneys are more likely to feel they are very knowledgeable about financial products and investing. Over a quarter of wealthy educators feel that they are not very knowledgeable about financial products but they understand some things.
These educators are also far more likely to be seeking security as their primary portfolio objective. Over half of educators would prefer a guaranteed rate of return for the majority of their investments, and they are the least likely occupation to want to be involved in the management of investments and they are the least likely to indicate they enjoy investing. Educators don’t have to worry though, they are the most likely to indicate that their primary financial advisor is the most effective in making profitable decisions about financial planning in their lives.
Attorneys are the most likely occupational segment to seek growth as a primary portfolio objective. They are the least likely to be seeking a guaranteed rate of return on their investments. An advisor having a complete, all-inclusive, goals-based approach is more important to Attorneys than Business Owners or Accountants.
Occupation plays a large role in the concerns an investor has, as well as their attitudes towards advisors and investing. Regardless of occupation, it is important for wealthy investors to be educated on financial matters adequately so they can make an informed decision on their own or with their financial professional.