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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
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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Millionaire Baby Boomers Most Likely to Consult with Financial Advisor

Gen Xers are especially hung-ho about investing. More than two-thirds (68 percent) of Millionaires in this age group enjoy being actively involved in the day-to-day management of their investments

| BY Donald Liebenson

Non-Millionaire Gen Xers and Baby Boomers are more likely than their Millionaire counterparts to identify themselves as self-directed investors, according to a new demographic comparison study conducted by Spectrem’s Millionaire Corner. A self-directed investor is one who makes all of their own investment decisions without the assistance of a professional financial advisor.

Gen Xers are especially hung-ho about investing. More than two-thirds (68 percent) of Millionaires in this age group enjoy being actively involved in the day-to-day management of their investments compared with 58 percent of Baby Boomers (Non-Millionaire Gen Xers, too, enjoy being hands-on with their investments more than do their older counterparts, 56 percent vs. 43 percent).

Wealth level and gender are significant factors in advisor usage, the study finds. Among Non-Millionaire Gen X and Baby Boomer men, the highest percentages identify themselves as self-directed (62 percent and 42 percent. This drops to 45 percent and 28 percent, respectively, of Millionaire Gen X and Baby Boomer men. The same is true for women, with 42 percent and 31 percent, respectively of Non-Millionaire Gen X and Baby Boomer women identifying themselves as self-directed investors vs. 26 percent and 19 percent, respectively, of their wealthier counterparts.

At the $1 million benchmark, advisor engagement increases. Among Millionaire Gen Xers, 39 percent identity themselves as event-driven investors, meaning they will seek out a financial advisor about a specific need or event, such as asset allocation advice or retirement planning. In comparison, just 22 percent of Non-Millionaire Gen Xers define themselves as event-driven investors. Similarly, almost one-third (31 percent) of Millionaire Baby Boomer men identify themselves as event-driven investors vs. 29 percent of Non-Millionaire Gen X men.

Almost three-in-ten (28 percent) of Millionaire Baby Boomer men describe themselves as advisor-assisted investors, meaning they regularly consult with a financial advisor regarding most of their investment needs, but still make most of the final decisions. Only 17 percent of Non-Millionaire Baby Boomer males have this level of engagement with their advisor.

Women in general self-report less confidence in their financial and investment knowledge and so are less likely than men to identify themselves as self-directed investors. Four-in-ten of both Non-Millionaire Gen X and Baby Boomer women seek out a financial advisor for a specific need or life event. But Millionaire Baby Boomer women are most likely to count themselves among the advisor-assisted (33 percent vs. 20 percent of Non-Millionaire women Baby Boomers. They are also more likely to rely solely on a financial advisor to make all their investment decisions than their Non-Millionaire counterparts (15 percent vs. 10 percent).

 

 

 

 



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

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.