Millionaires are becoming more reliant on financial advisors. This year, 26 percent say they are self-directed investors with no assistance from advisors, that percentage has lowered 6 percentage points from 2013. In 2013, 14 percent described themselves as Advisor-Dependent, that number has increased to sixteen percent. Also increasing is the percentage of Advisor-Assisted investors (up 2 percent to 26 percent) and also Event-Driven investors have increased from 30 percent to 32 percent.
Almost seventy percent (68 percent) of Millionaire investors say they are better off financially than they were one year ago, and 58 percent say they expect to be better still in 2015.
When choosing among approximately 12 national concerns, 17 percent of Millionaire investors said government gridlock was their top concern. On a personal level, almost 30 percent (29 percent) said maintaining their current financial position was their top concern.
According to Spectrem’s 2014 Millionaire Investor Relationship with Advisors study, the average age of Millionaire investors is 63. Among those Millionaire investors, 85 percent have a college degree and more than a third of them hold an advanced degree.
Job wise, 17 percent of Millionaire investors are business Managers, 15 percent are educators, 7 percent are senior corporate executives, 7 percent are in technology and 6 percent are in health care.
Given the opportunity to self-determine how their wealth was created, 94 percent of Millionaire investors said hard work was a factor in wealth creation, 87 percent credited education, 83 percent said smart investing was involved, 78 percent pointed to frugality and 60 percent said taking risks was a factor.
To learn more about Millionaire investors from Spectrem Group, click here