When it comes to advice, New Yorkers are givers, not receivers.
According to a recent survey by Charles Schwab & Co., Big Apple denizens are secure in their abilities to find a cab on a rainy day (56 percent) and to give directions to ethnic food joints (59 percent).
But there's one area in which they lack confidence, relatively speaking: investing. Forty percent of respondents said they knew more about the city's transit system than their personal financial situation. It would stand to reason that this uncertainty would translate into high demand for financial advice, but, in fact, the opposite is true. Fifty-four percent wished they had a better grip on their finances, and 68 percent said they need a lot or some guidance with their money, but only 36 percent said they go to a financial advisor or broker for help.
Who are New Yorkers most likely to turn to for specific advice? Lawyers and clergy, said 22 percent of respondents. Financial advisors were cited by just 19 percent.
The good news for financial advisors is that the advisory market is a relatively untapped one. The trick is cracking it, and here's a hot tip for doing so: Look for Yankees caps.
The survey, which segmented its results along baseball rooting lines, found that Yankee fans were likely to be more receptive to financial advice (though Mets fans were more likely to need it). Seventy-one percent of Yankees fans were considered likely to seek financial advice as opposed to 51 percent of Mets fans. Further, only 27 percent of Mets fans said they have the knowledge to build a retirement portfolio and only 18 percent said they know how to choose investment products. Among Yankees fans the numbers were 39 percent and 31 percent, respectively.
