Are Millionaire's Satisfied with their Financial Advisor?


Nearly eight-in-ten (77 percent) of Millionaires are satisfied with their financial advisor’s knowledge and expertise, according to a new Spectrem Group wealth level advisor relationships study. What advice are these advisors giving their Affluent clients?

The highest percentage of respondents with a net worth between $1 million and $4.9 million (32 percent) reports being advised to invest in stocks, according to the Spectrem report, “Advisor Relationships and Changing Advice Requirements.” Twenty-eight percent said they are being advised to find tax-free investments, while 26 percent are being encouraged to plan for long-term health care.

What else are financial advisors recommending their Millionaire clients add to their to-do list?:

  • Develop a more conservative portfolio (22 percent)
  • Invest in bonds (20 percent)
  • Reduce debt (9 percent)
  • Invest more aggressively (8 percent)

The highest percentage of Millionaire investors being told to invest more aggressively (29 percent) and to reduce their debt (25 percent) are those between the ages of 36-44. Gen Xers according to Census data were the generation hardest hit by the 2008 economic collapse and subsequent recession.

Baby Boomers ages 55-64 are the most likely to be advised by their financial advisors to plan for long-term health care.


Millionaires, more than their less wealthy counterparts, consider financial knowledge to be “extremely important” and attainment of that to be one of the primary benefits of working with a financial advisor. Three-fourths of Millionaires surveyed by Millionaire Corner in 2012 said that working with a financial advisor improves their knowledge of investing.


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