The Millionaire mindset shows a preference to work with one ffinancial advisor who handles all facets of their wealth, according to a third quarter Millionaire Corner wealth level study. Nearly three-quarters (71 percent) of Millionaires expressed this attitude in this study of Millionaire attitudes toward advisors.
By almost two-to-one, Millionaires said they prefer working with one financial advisor with whom they deal consistently as opposed to working with a key advisor plus additional members to contact in their absence and additional advisors for support (62 percent vs. 34 percent).
These attitudes are consistent across age groups, wealth level, advisor-dependency and occupation.
When it comes to working with a team of financial advisors, the millionaire mindset is that three is the optimum number, say 52 percent of respondents. Just over one-quarter (28 percent) said that two was the ideal number for an advisor team.
It is important to just over half (51 percent) of Millionaires that their advisor contact them regularly. Forty percent said they prefer to be contacted on a quarterly basis, while one-quarter said they prefer to be contacted monthly. Younger Millionaires (under the age of 45) are the most likely to want to be contacted on a monthly basis, while younger boomers ages 45-54 for whom retirement planning or financing their child’s college education may be becoming pressing concerns, are most likely to want to be contacted by their advisor semi-annually.
Less than 10 percent said they prefer to initiate contact
Nearly all (94 percent) Millionaires expect that their advisor will respond promptly to their inquiries and questions. For just over one-third (34 percent) of these investors, the next day is a suitable period for which advisors to get back to them. Younger Millionaires have stricter expectations. Thirty-three percent of those under the age of 45—compared to 18 percent overall—expect their advisor to return their phone calls within three-to-five hours.
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.