A study by Northwestern Mutual found that 74% [1] of U.S. millionaires work with a financial advisor, compared to 34% [2] of the general population.
This disparity suggests that professional financial guidance is a primary driver for wealth accumulation and preservation. The gap in advisor usage represents a 40 percentage point difference [3] between high-net-worth individuals and the broader public.
The findings come from the 2025 Planning & Progress Study conducted by Northwestern Mutual. The data indicates that those who utilize financial advisors tend to retire approximately two years earlier [4] than those who do not.
Beyond retirement timing, the study noted that professional planning correlates with higher confidence in life decisions. However, a significant psychological gap remains regarding how these individuals perceive their own status. Despite their assets, 64% [5] of U.S. millionaires do not consider themselves wealthy.
This lack of self-perceived wealth persists even among those who have successfully navigated the complexities of wealth building. The study aimed to assess financial planning behaviors, and confidence levels to highlight these gaps in advisor usage and wealth perception among high-net-worth individuals [6].
While the general population is less likely to seek professional help, the data suggests that the strategic use of advisors is a common trait among those who reach millionaire status. The study underscores a trend where professional management is viewed not just as a luxury, but as a tool for achieving specific life milestones like early retirement [4].
“74% of American millionaires work with a financial advisor”
The data suggests that while professional financial advice is strongly correlated with the achievement and maintenance of high net worth, it does not necessarily resolve the psychological insecurity associated with wealth. The significant gap in advisor usage between millionaires and the general public indicates that systemic barriers or a lack of perceived need may prevent lower-income individuals from accessing the same strategic planning that facilitates earlier retirement.
