RSS Facebook Twitter LinkedIn

Featured Advisor

Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

Click to see the full profile

Share |

Business Owners Have Unique Relationship With Financial Advisors

Business owners are busy and expect quick response to investment questions.

| BY Kent McDill

Among wealthy Millionaire investors, business owners are a special breed, and they have unique opinions about the financial advisors with whom they work.

In the Spectrem’s Millionaire Corner research report 2013, Millionaire Investor Relationships with Advisors, the investors were segmented by occupation – Professionals (including accountants, attorneys, physicians and dentists), Senior Corporate Executives, Managers and Business Owners (including those who classify themselves as entrepreneurs).

The investors in the Millionaire survey have a net worth of between $1 million and $5 million Not Including Primary Residence.

Among those four groups, business owners were the most likely to work with an advisor. Only 12 percent said they did not use an advisor of any type (the average was 18 percent).

Business owners use full service brokers more than the average investor (40 percent to 35 percent). They are also the most likely occupation to use an independent financial planner (21 percent) or accountant (18 percent).

But business owners are a tough bunch to satisfy. Only 24 percent said they were more satisfied with their advisor than they have been in the past, far below the average of 31 percent among all occupations.

Business owners also gave the lowest rating to advisors for recommendations and advice during the recent recession. Only 58 percent were satisfied, far below the average of 68 percent for all occupations.

The word “business” comes from the word “busy’’ and maybe that is why business owners were most likely to say they would change advisors if they did not get phone calls returned in a timely manner. Seventy-four percent of business owners said that was the case, well above the average of 63 percent.  

Apparently, however, business owners are most likely to give credit where credit is due. They were asked to attribute the cause of their financial success on a sliding scale, with “0” being themselves and “100’’ being their advisor, and business owners placed the bar at 39.5, the highest placement for advisors among all occupations.

About the Author

Kent McDill

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.