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Wealthy more satisfied with advisers, research

Very wealthy investors in the US appear to be more satisfied with their advisers after concerns in previous years, according to new research.

Very wealthy investors in the US appear to be more satisfied with their advisers after concerns in previous years, according to new research.

US research firm Spectrem Group found that 81% of investors with at least $25 million (€19.4 million) in net worth said they are satisfied with their advisers, compared with 66% in 2010 and 61% in 2007.

Spectrem said that satisfaction levels had increased as adviser responsiveness and ability to handle difficult financial issues have grown. That’s despite the fact that wealthy investors have increased their expectations and demands on their financial advisers since the onset of the financial crisis in 2008.

The research said the sample group also favoured full-service brokers when it came to their primary adviser relationship, whereas private banks and lawyers were less favoured.  Most also have relations with multiple advisers, with 41% using three or more.

More than two-thirds of America’s wealthiest are actively involved in the day-to-day management and decisions about their investments, with 60% spending at least six hours a week on investing, said the research.

Just 11% said they rely on advisers to make most or all of their investment decisions, up from 7% in 2007. But twice as many said they make their own investment decisions without the assistance of an investment adviser, down from 26% in 2010, but up from 20% in 2007.

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