Wells Fargo is the top advisor among Millionaires, who report greater usage of advisors from last year.
The numbers are going up for advisors and their relationship with Millionaires.
According to a Spectrem study of investors and their relationship with advisors, 82 percent of Millionaires acknowledge using an advisor in 2013, a jump of 4 percent from the 2012 usage total.
The Full Service Broker remains the most common type of advisor (35 percent) used with independent financial planners (18 percent) in second place.
Wells Fargo was the top advisor with 8 percent of investors. Fidelity and Morgan Stanley each had 7 percent, Bank of America-Merrill Lynch had 6 percent, and Edward Jones had 5 percent. Wells Fargo moved past Fidelity into the top spot for 2013.
UBS and Bank of America-Merrill Lynch have 8 percent of investors aged 44 and younger. Eleven percent of Investors aged 45-54 are using Bank of America-Merrill Lynch. Fidelity has 9 percent of investors aged 45-54 and 55-64 and has the highest percentage among all advisors in those age groups.
Among investors 44 years of age and younger, the most popular type of advisor is an accountant, with 29 percent using that sort of planner. The Full Service Broker usage is at 28 percent for younger investors, and 22 percent of the younger investors are now using an Independent Financial Planner.
Eighteen percent of all Millionaires do not use an advisor.
The study – 2013 Relationship with Advisors - examined the advisor opinions and satisfaction ratings of investors with a net worth of between $1 million and $5 million not including primary residence.
Overall advisor satisfaction among Millionaires is up from 70 percent in 2011 to 73 percent in 2013. But among younger investors, satisfaction is just 62 percent, more than 10 points below the average.
Thirty-five percent of all Millionaires say they have worked more with an advisor in the last two years than in previous years. Eighteen percent say they worked more with an advisor because of the economic crisis.
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.