Here are a few facts that financial advisors might want to act on: A recent study from Spectrem Group found that millionaires are losing their taste for investing. They have also been replacing financial advisors at a higher than usual rate.
Only 47% of the respondents with a net worth of $1 million to $5 million said they like to be involved in managing their investments on a daily basis. It is a steep drop-off from the 65% who said the same in 2010, and the 69% who agreed with this sentiment in 2009. The results were similar for ultra high-net-worth households, those with $5 million to $25 million in investable assets. In that group, 50% want an active investing role, down from 63% in 2010 and 67% in 2009, according to Chicago-based Spectrem Group.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access