After seven consecutive months of aggressive investing, millionaires took a slightly more cautious approach last month, according to a recent report.

Spectrem Group announced that its Spectrem Millionaire Index fell to a neutral level after remaining bullish to mildly bullish since it was launched in February.

The index, which measures the investment outlook of households with $1 million or more of investable assets, recorded its third straight month of declining attitudes. Its sister index, the Spectrem Affluent Investor Index – which tracks households with $500,000 or more of investable assets – also recorded its third straight decline last month. Affluent investors on that index have held a neutral outlook since July.

George H. Walper Jr., the president of the Chicago firm, said that millionaires have been more optimistic than other affluent investors through most of the year. However, he also said he is less confident that the election will buoy investing next month. "If news from the Middle East is starting to take a toll on this generally more patient and positive group of millionaires, it is not at all clear that sentiment will rebound once the November election is behind us."

According to Spectrem, millionaires said the biggest threat to their financial goals were the economy (18%), terrorism (14%), the presidential election (12%), unemployment (9%), stock market performance (7%) and household income (6%).

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