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Featured Advisor

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 See Benefits of Working With a Financial Advisor

Most millionaires work regularly with an advisor and see many benefits to a relationship with a financial professional. Learn more.

| BY Adriana Reyneri

Most Millionaires use advisors and say working with financial professional offers many benefits, according to the latest Millionaire Corner research, which finds that Millionaires are much less likely to see negative aspects to working with an advisor.

Fifty-six percent of Millionaires say they have an ongoing relationship with a financial advisor, according to our October survey of more than 1,350 investors from a range of wealth levels. In contrast, less than 12 percent of individuals with less than $100,000 in investable assets work regularly with an advisor.

The vast majority of Millionaires perceive working with an advisor as offering numerous advantages. This perception is shared by affluent individuals with investable assets of $500,000 up to $1 million. What do wealthy investors perceive as benefits of working with a financial advisor? How do they rank these advantages?

1.       Higher Financial IQ: Three-fourths of Millionaires and investors with $500,000 up to $1 million say working with a financial advisor can “improve my knowledge of investing.” As a group, Millionaires report high levels of financial literacy and place a high value on financial knowledge. They cite “smart investing” as one of the top-three factors contributing to their financial success.

2.       Access to a Variety of Investment Products: More than two-thirds of Millionaires and investors with $500,000 up to $1 million say working with a financial advisor “provides me with a wider range of investment opportunities. Millionaires prefer to work with a financial professional who offers then a broad range of investment products, and are more likely to work with a large, diversified financial services firm.

3.       Better Performance: Close to two-thirds (64 percent) of Millionaires and an even greater share of investors with $500,000 up to $1 million say working with an advisor “improves my investment returns.”

4.       A Good Night’s Sleep:  Well over half (57 percent) of Millionaires say working with an advisor “gives me peace of mind.”  An even larger share, 66 percent, of investors with $500,000 up to $1 million, cites peace of mind as one of the benefits of working with an advisor.

Millionaires are less likely to say they’ve experienced any downside to working with a financial advisor. A relatively small share cites constant sales pitches, complex statements or the fear their advisor could take advantage of them, though more than half (54 percent) of Millionaires cite “higher fees” as a negative that they’ve suffered.