Younger investors are less satisfied than older investors with their financial plans.
Most investors are satisfied with their financial plans and with the manner in which their advisors communicate with them.
Spectrem’s report “Investor Relationships with Advisors’’ reveals that 84 percent of Mass Affluent investors and 87 percent of Millionaire investors are, at the very least, satisfied with their financial plans.
According to the report, Mass Affluent investors are those with a net worth of between $100,000 and $1 million Not Including Primary Residence, while Millionaire investors are those with a net worth of between $1 million and $5 million NIPR.
Only 4 percent of Mass Affluent investors indicated they were dissatisfied with their financial plans, while 12 percent report neither satisfaction nor dissatisfaction. Forty-three percent said they were satisfied with the plan provided by their advisors and 41 percent were “very satisfied.”
Millionaire numbers were very similar. Only 3 percent were dissatisfied with their financial plans, and 10 percent reported neither satisfaction nor dissatisfaction. Like Mass Affluent investors, 43 percent were satisfied, while 44 percent said they were “very satisfied.”
The level of satisfaction varies based on the age of the investor. The most satisfied Mass Affluent investors are those between the ages of 55-64 (89 percent) while 87 percent of investors 65 and older said they were, at the least, satisfied with their financial plan.
Only 71 percent of investors between the ages of 45-54 were satisfied, but 22 percent of that age segment said they were neither satisfied nor dissatisfied. Only 7 percent said they were clearly dissatisfied with their financial plan.
Among Millionaires, 90 percent of those aged 65 and older were satisfied or very satisfied, while only 73 percent of investors aged 44 and younger were satisfied. Still, among the youngest investors, 23 percent simply said they were neither satisfied nor dissatisfied, rather than voicing a true lack of satisfaction.
It is considered wise to review one’s financial plan regularly, but the definition of “regularly’’ differs among investors.
Forty-four percent of Mass Affluent investors want to review their financial plan at least semi-annually, while 39 percent want annual reviews. Millionaire investors are more interested in reviewing their plan, with 55 percent wanting a semi-annual review and 37 percent wanting an annual review.
Three percent of Millionaires and 4 percent of Mass Affluent investors want no review of their financial plan.
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 www.nba.com. 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.