The Northwestern Mutual 2025 Study Says 74% of Millionaires Work with a Financial Advisor Versus Just 34% of Everyone Else

"74% of American millionaires work with a financial advisor, while just 34% of the general population does. Whether it's surprising or not, that is a 40-point gap, and it sits inside a larger pattern that makes the difference hard to dismiss as a coincidence."

"The gap remains wide and persistent, marking the divide between households that have professional help structuring their finances and those that figure it out on their own. The data in the study suggests that line correlates closely with which group ends up with seven figures."

"Accordingly, 93% of millionaires say they have received financial advice from someone, compared with only 78% of the general population. The 15-point spread on the broader question of seeking guidance at all suggests the advisor gap is the end of a longer chain. Wealthier households are more likely to ask, more likely to listen, and more likely to formalize the relationship, which itself is hard to ignore, and the numbers don't lie."

"Northwestern Mutual also found that among millionaires, financial advisors are the most trusted source of financial guidance, ahead of friends, family, and online resources. That ordering matters because it inverts the default for most Americans, who tend to lean first on people in their immediate circle. Trust in a paid professional is itself a learned behavior, and the data shows the wealthy learn it earlier."

74% of American millionaires work with a financial advisor, while 34% of the general population does. The gap is persistent and aligns with differences between households that use professional help and those that manage finances independently. Among millionaires, 93% report receiving financial advice, compared with 78% of the general population. Financial advisors are the most trusted source of financial guidance for millionaires, ahead of friends, family, and online resources. Most millionaires describe their net worth as self-made, with 79% self-made, 12% inherited, and 5% from other sources.

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