Roughly one-third of Millionaire investors identify themselves as Self-Directed. Whether they think they can do a better job than a professional or feel that an advisor is too expensive, they are most likely to make all of their financial or investment decisions on their own. But our latest wealth market study of Millionaire households with a net worth of between $1 million and $5 million (not including primary residence) finds that there are circumstances in which these Millionaires would consider consulting a financial advisor. And this likelihood is highest among Millennial-aged Millionaires ages 35 and younger.

Advisor Relationships and Changing Advice Requirements finds that half of Millennial Millionaires investors would contact a financial advisor in the event of receiving a financial windfall. In comparison, just 44 percent of respondents ages 45-54, 38 percent of Baby Boomers, 29 percent of seniors ages 65 and up, and 21 percent of Mass Affluent ages 36-44-years old feel the same.

Half of Millennial Millionaires would also consider an advisor for a specific financial situation such as creating a financial plan or preparing for retirement. Not surprisingly, the likelihood of contacting an advisor under these circumstances decreases with age, as Baby Boomers and seniors, especially, would be most likely to have a financial and/or retirement savings plan in place.

Even Millionaires are prone to find professional services to be expensive (52 percent) And of these, the highest percentage who hold this opinion (70 percent) are ages 35 and under. Thus, this age demographic would be considerably more likely than older Mass Affluent investors to indicate they would consider engaging a financial advisor if they could get professional help for what they perceive is a fair price (50 percent vs. 22 percent of Millionaire Baby Boomers and 19 percent of seniors ages 65 and up)..

Our research finds that Millennial Millionaire investors are more likely than their older counterparts to indicate they enjoy investing and would not want to give it up. But the day might come when they would be tired of managing their investments. In this case, too, half of Mass Affluent Millennials said they would consider turning over management of their investments to a financial advisor. Not surprisingly, Millionaire seniors are the second most-likely age group in this demographic to indicate likewise.

Less compelling reasons for Millennial Millionaire investors to consider using an advisor are more a function of age;  a life change, for example, such as marriage, birth, death or divorce. Millennials would also be less inclined than their older counterparts to consider using an advisor in the case of a serious downturn in the market or economy.