A recent survey finds many consumers and traders may not be on the same page as their financial advisers, and can be distracted from focusing on their long-term financial goals.
According to the Russell Investments Financial Professional Outlook survey, advisers reported their clients most often started conversations about government regulations, the volatile market or other global events which mainly affect short-term finances.
In addition, advisers reported they had to start the conversation about a number of different aspects of financial planing, including investment taxes and estate planning, showing a potential lack of interest by consumers.
"The adviser has a critical role to play when it comes to helping clients focus and avoid becoming distracted by short-term market moves and big news stories," said Kristin Gibson, director of strategic distribution partnerships for Russell Investments. "Investors are looking for a reality check on their current situation and direction as to what they need to do in the future."
Accounting for some of that disconnect, Russell analysts added some clients choose to do research about some financial products, such as living trusts, on their own. As a result, 90 percent of advisers surveyed said their clients had sent them media reports about financial issues.
Establishing an estate plan, such as a living trust, can be a prudent step for those day trading for a living. A living trust can lay out all of a person's wishes while also avoiding the potential costs and delays of dealing with probate courts.
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