The number of high-net-worth investors making financial decisions on their own has decreased to 45% from 51% in 2001 and 53% in 2000, according to a survey commissioned by Phoenix Investments. Harris Interactive conducted the survey in March by interviewing 1,649 adults with a net worth of $1 million or more.
Fifty-three percent said they seek opinions from financial advisers before making a financial decision, up from 46% in 2001. And more of the wealthy report feeling only somewhat sure of investing; 26% said they felt only somewhat sure, up from 20% in 2000.
Furthermore, more of the wealthy are following their planners' advice and are satisfied with them. When asked how frequently they act on advice from an adviser, 68% said they generally follow that advice, and 79% said they are satisfied with their adviser.
"Financial advisers need to heed the clarion call," said Stephen Gresham, executive vice president and chief sales and marketing officer at Phoenix Investment Partners. "Today's wealthy are feeling more vulnerable and confused."