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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.

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Financial Advisor Usage: Confident Young Millionaire Investors Have Independent Streak

The highest percentage of Millionaire investors identify themselves as event-driven, meaning they make most of their own financial decisions, but do consult with a financial advisor for specific purposes such as retirement planning.

| BY Donald Liebenson

Nearly half of Millionaire investors who use a financial advisors report they rely on him or her for the vast majority of their financial needs, but these wealthy investors have specific situations for which they will consult with a professional.

According to a new wealth level study conducted by Spectrem’s Millionaire Corner, one-fourth of Millionaires identify themselves as self-directed investors, meaning they make all of their own financial and investment decisions without the assistance of a financial advisor. The highest percentage are event-driven, meaning they make most of their own decisions, but do consult with a financial advisor for specific purposes such as retirement planning.

When asked in what situations they use a financial advisor, 18 percent said they keep a portion of their investments with an advisor as a benchmark to compare the results of their own investing. The youngest Millionaire investors under the age of 45 are significantly more likely to use a financial advisor for this purpose (35 percent) followed by those between the ages of 45-54 (22 percent).

A majority of Millionaire investors (53 percent) say they enjoy investing and it is something they do not wish to give up. Again, the youngest Millionaires are most likely to share this enthusiasm (61 percent). But many believe that they can do a better job of investing than their advisor. Almost one-fourth (22 percent) of Millionaires under the age of 45 were most likely to indicate they are veering toward becoming more self-directed and relying less on an advisor, compared with 16 percent of Millionaire respondents)

Twelve percent of Millionaire investors said they rely on their advisor for certain types of investments such as real estate or alternative investments, while 11 percent said they were in the process of transitioning more of their assets to their financial advisor.

About the Author

Donald Liebenson

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.