Think you can spend 10 hours a week pining over investment contracts for oil and gas limited partnerships and talking emerging market debt with your Charles Schwab broker over lunch? That’s roughly the amount of time American multi-millionaires spend calculating their next investment move.
While all these wealthy investors still have a financial advisor or two, roughly 6 out of 10 are spending a minimum of six hours a week working out their investment plan and studying new investment opportunities.According to retirement market research firm, Spectrem Group, American one percenters, those with at least $25 million in net worth, are diligently working to stay at the top. A total of 64 percent of those surveyed by Spectrem are actively involved in the day-to-day management of their investments. Another 71 percent actually enjoy doing at least some of their own investing rather than deal with advisors, to whom they have to pay a fee, of course.
Time Well Spent: How Long The Rich Spend On Their Investments
• Less than one hour—10%
• 1-5 hours—31%
• 6-10 hours—23%
• 11-20 hours—16%
• 20-25 hours—6%
• 26-30 hours—5%
• 31-35 hours–4%
• More than 35 hours—6%
Most of these investors, 73 percent, cite their financial advisors as a primary source for financial information, Spectrem said in a press release on Monday. But 59 percent of the very rich also gather financial information from the daily financial press, 38 percent from websites other than those of their advisors or providers, 38 percent from cable news and 34 percent from weekly financial press.
Just 107,000 U.S. households had at least $25 million in net worth at the end of 2011. Fewer than one-third inherited their wealth, Spectrem Group found, while the largest group, at 27 percent, are business owners.
See: 2012 Affluent Market Insights Report – Spectrem Group (Above content from press release and not from link.)
To read original article, follow link to Forbes.com.