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Featured Advisor

Srbo Radisavljevic
Managing Principal/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, following Chicago sports, enjoying ethnic cooking, and serving as a school board member for Norridge School District 80.

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Wealthiest Americans Following Cyprus Crisis Closely

Millionaires put the highest priority on financial knowledge

| BY Donald Liebenson

Wealthier Americans are paying the most attention to the unfolding banking crisis in Cyprus, according to a new Gallup poll. Only 10 percent of respondents overall said they are following the crisis “closely,” while 21 percent said they are following events “somewhat closely.” In comparison, half of upper-income Americans said they are watching the situation closely—twice the percentage of those with middle and lower incomes.

Wealthy Americans especially prize financial knowledge, according to a 2012 Millionaire Corner survey.  More than half of Millionaires with investable assets of $1 million to $5 million, not including primary residence) rated their financial knowledge as “extremely important,” and nearly 40 percent said it was “important.”  In contrast, only about one-fourth of investors with less than $100,000 considered their financial knowledge as “extremely important.”

On Monday, the threat of a financial crisis which had roiled trading last week, was narrowly averted after an agreement was reached that would provide Cycprus with a $13 billion bailout from European finance ministers. As news of a deal began to emerge, the markets posted solid gains on Friday and Monday.

Engagement with the news from Cyprus increases with age, the Gallup poll found. Fourteen percent of Millennials ages 18 to 29 said they were following events either very or somewhat closely. The percentage increases to 42 percent among baby boomers.

While the impact of the developments in Cyprus have yet to be determined, they do little to bolster Americans’ confidence in the U.S. banking system, the poll found. Fourteen percent of respondents said that the situation in Cyprus has caused them to lose confidence in banks and financial institutions in the U.S. Eight percent of upper income respondents, who are most likely to be more confident in their financial knowledge, responded similarly.

Considerably more, though, have not lost confidence. One third of upper-income respondents gave U.S banks and financial institutions a vote of confidence, compared with just 17 of respondents overall. Do they know something the rest don't?

About the Author

Donald Liebenson

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.