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Asset Preservation Advisors




City:Atlanta

State: GA



BIOGRAPHY:
APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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The Best Financial Advisors: Gen Xers Weigh In

Gen Xers are a battle-scarred bunch; the generation hit hardest by the recession, and it has left them wary of financial advisors,

| BY Donald Liebenson

What does it take to be considered by high net worth Gen X investors the best financial advisor? They are a battle-scarred bunch; the generation hit hardest by the recession and it has left them wary of financial advisors, according to Generation X Marks the Spot, a new Spectrem Group generational study.  

Victims of bad timing, Gen Xers experienced the largest percent decline in median net worth (59 percent) of any age group from 2005 to 2010, according to the Census Bureau. The recession hit them as many were starting families, settling into their careers and saving for the future. Compounding these financial misfortunes, Gen Xers are carrying an average debt load that is 8 percent higher than the national average according to a recent study by Experian, a credit reporting bureau.

This may explain in part why Gen Xers are likelier than previous generations (55 percent vs. 36 percent of Baby Boomers and 33 percent of the WWII generation) to identify themselves as self-directed investors, meaning they make all of their investment decisions without benefit of a financial advisor. Accordingly, 28 percent claim they can do a better job of investing than a financial advisor vs. 24 percent of Baby Boomers and the WWII generation.\

Two-thirds (65 percent) of high net worth Gen Xers do use a professional advisor, but this is a sharply lower percentage than their older cohorts (78 percent of Boomers and 80 percent of the World War II generation).

Ask them who are the best financial advisors, and the highest percentage (23 percent) say a full service broker, followed by an independent financial planner (16 percent) and an accountant (12 percent).

What personal qualities do the best financial advisors share? According to high net worth Gen Xers, they are:

  • Honesty and trustworthiness (83 percent)
  • Transparency and communication (89 percent)
  • Strong referral (74 percent)
  • Return telephone calls and emails in a timely manner
  • Provide good ideas and advice
  • Are proactive in contacting them
  • Understand their risk tolerance

The best financial advisors, high net worth Gen Xers say:

  • Return telephone calls and emails in a timely manner
  • Provide good ideas and advice

  • Are proactive in contacting them

  • Understand their risk tolerance

Related story: Spectrem Millionaire Corner's Best Financial Advisor Service



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.