With more millionaires loading up on cash and fixed income, financial advisers are revisiting their fee structure, Investment News reports.

Millionaires’ cash allocations doubled last year from 8.6% to 16.7%, and their fixed income exposure rose from 10% to 15%, according to a survey by the Institute for Private Investors.

“As you see more interest in fixed income and indexing, there will probably be more sensitivity to fees,” noted James Hausberg, a managing partner with Presidio Financial Partners.

As a result, advisers are likely to offer products with more insurance features, said Walter Zultowski, president of research at The Phoenix Cos.

“One of the lessons that I believe is being learned today is that in a severe financial downturn, asset allocation is not enough to protect one’s assets,” Zultowski said. Instead, portfolios need “some insurance component,” he said.

As Kristi Kuechler, a director with the Institute for Private Investors, put it, “Many investors are questioning the assumptions underlying investment policies and strategic asset allocations, and they want advisers to also be open to questioning those assumptions.”

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