Young Millionaires are not aware of all of the multiple providers they have available to them in terms of receiving financial advice, a Spectrem study of wealthy investors reveals.

The Spectrem study Asset Allocation, Product Ownership and Perception of Providers offered Millionaire investors a dozen types of financial providers and asked them which ones the investors are familiar with. Banks top the list at 88 percent, followed by insurance companies (84 percent) and accounting firms (80 percent).

But young Millionaires, those 44 years of age and younger, aren’t as aware as older Millionaires are about the firms that offer financial services. Only 78 percent of the youngest Millionaires are familiar with banks as financial providers, and only 67 percent say they are familiar with insurance companies for that purpose.

Only 68 percent of the youngest Millionaires are familiar with accounting firms that have the same purpose.

Independent financial planners, law firms, accounting firms, and independent investment advisors are all considered by Millionaires to be the types of firms that offer the most personalized services. They all received the nod from 90 percent of Millionaire investors (independent financial planners received 91 percent).

Mutual fund companies got a big bump in Millionaires who believe they offer personalized services. Last year only 36 percent said mutual fund companies offer personalized services, but in 2013 43 percent of Millionaires appreciated mutual fund companies for personal attention.

There is a big turnaround when investors are asked about firms that offer innovative products and services.  Sixty-three percent of Millionaires believe full service brokers offer the most innovative products and services, while 60 percent selected independent investment advisors and 59 percent chose independent financial planners. Law firms (27 percent) and accounting firms (30 percent) were given little appreciation for the innovative products and services they offer.

Banks (72 percent), full service brokers (71 percent) and mutual fund companies (71 percent) were seen as stable financial providers by the Millionaires. The least stable financial provider was law firms (39 percent), which dropped from 43 percent last year.