Among investors 44 years of age and younger, the most popular type of advisor is an accountant, with 29 percent using that sort of planner. The Full Service Broker usage is at 28 percent for younger investors, and 22 percent of the younger investors are now using an Independent Financial Planner.

 

 

 

Thirty-five percent of all Millionaires say they have worked more with an advisor in the last two years than in previous years. Eighteen percent say they worked more with an advisor because of the economic crisis.

The study looked at investors from three different wealth segments, and the percentage of investors who found their advisors through friends and family were similar among all segments – 48 percent for Mass Affluent (net worth of between $100,000 and $1 million Not Including Primary Residence), 48 percent for Millionaire (net worth of between $1 million and $5 million NIPR) and 47 percent for Ultra High Net Worth (net worth of between $5 million and $25 million NIPR).

Similarly, across all three segments, the youngest investors were more likely to have found their current advisor through friends and family, perhaps because older investors change from their first advisor as they get more experienced or make other contacts. Sixty-eight percent of UHNW investors ages 47 and under got a referral from a friend or family member, 62 percent of Millionaires ages 44 and under and 60 percent of Mass Affluent investors ages 44 and under.