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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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Millionaires Take Stock in Financial Advisor's Advice

Gen Xers comprise the highest percentage of Millionaire investors being told by their financial advisors to invest more aggressively and to reduce their debt.

| BY Donald Liebenson

Nearly eight-in-ten (77 percent) of Millionaires are satisfied with their financial advisor’s knowledge and expertise, according to a new Spectrem’s Millionaire Corner wealth level advisor relationships study. What advice are these advisors giving their Affluent clients?

The highest percentage of respondents with a net worth between $1 million and $4.9 million (32 percent) reports being advised to invest in stocks, according to the Spectrem report, “Advisor Relationships and Changing Advice Requirements.” Twenty-eight percent said they are being advised to find tax-free investments, while 26 percent are being encouraged to plan for long-term health care.

What else are financial advisors recommending their Millionaire clients add to their to-do list?:

  • Develop a more conservative portfolio (22 percent)
  • Invest in bonds (20 percent)
  • Reduce debt (9 percent)
  • Invest more aggressively (8 percent)

Across age groups, investors up to the age of 54 are most likely to be advised by their financial advisors to invest in stocks compared with Baby Boomers and seniors ages 55 and up. The Dow Jones industrial average and Standard & Poor’s 500 have returned to record levels after a volatile October. November, according to the Stock Trader’s Almanac, marks the beginning of the best six-month period for stocks.

The highest percentage of Millionaire investors being told to invest more aggressively (29 percent) and to reduce their debt (25 percent) are those between the ages of 36-44. Gen Xers according to Census data were the generation hardest hit by the 2008 economic collapse and subsequent recession.

Baby Boomers ages 55-64 are the most likely to be advised by their financial advisors to plan for long-term health care.

Millionaires, more than their less wealthy counterparts, consider financial knowledge to be “extremely important” and attainment of that to be one of the primary benefits of working with a financial advisor. Three-fourths of Millionaires surveyed by Millionaire Corner in 2012 said that working with a financial advisor improves their knowledge of investing.

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.