Eighty-one percent of female Millionaire Baby Boomer investors use a financial advisor for at least a portion of their investment needs, while 72 percent of Baby Boomer males employ a financial advisor at least occasionally, according to a Spectrem research report on the differences between the two generations.
Forty-eight percent of Millionaire Baby Boomer females consider themselves either Advisor-Assisted, regularly consulting with a financial advisor regarding most investment needs, or Advisor-Dependent. Forty-one percent of Millionaire Baby Boomer males put themselves in those two categories, and 33 percent of Gen X females consider themselves either Advisor-Assisted or Advisor-Dependent. Only 16 percent of Gen X males put themselves in these two categories.
Among non-Millionaire investors, 68 percent of Baby Boomer females use an advisor at least occasionally, and 30 percent are either Advisor-Assisted or Advisor-Dependent. Only 39 percent of male non-Millionaire Gen-X investors use an advisor at any time.
At the $1 million benchmark, advisor engagement increases. Among Millionaire Gen Xers, 39 percent identity themselves as event-driven investors, meaning they will seek out a financial advisor about a specific need or event, such as asset allocation advice or retirement planning. Similarly, almost one-third (31 percent) of Millionaire Baby Boomer men identify themselves as event-driven investors.
In both age segments and wealth segments, women are more likely to identify themselves as event-driven than men. Among Gen X investors with less than $1 million in net worth, 41 percent claim they are event-driven to just 22 percent of men, and among Baby Boomer females with a net worth under $1 million, 38 percent of women are event-driven to 29 p percent of men.
Among Gen X investors with a net worth over $1 million, 42 percent of women and 39 percent of men consider themselves event-driven in regards to t their relationship with a financial advisor. Among Baby Boomers, 33 percent of women and 31 percent of men are event-driven
Generation X Millionaire investors are especially enthusiastic about investing. More than two-thirds (68 percent) of Millionaires in this age group enjoy being actively involved in the day-to-day management of their investments compared with 58 percent of Baby Boomers (Non-Millionaire Gen Xers, too, enjoy being hands-on with their investments more than do their older counterparts, 56 percent vs. 43 percent).
More information on the Spectrem report can be found here.