Wealthy investors who depend on financial advisors are highly concerned about retirement income, according to research on affluent Americans conducted by Spectrem Group.
“Investors who put their financial futures in the hands of professionals put a high premium on security. At the same time, they want to see a decent performance from their long-term investments,” said Catherine McBreen, managing director of Spectrem Group. “Advisor-dependent investors view wealth management as a serious responsibility and are willing to pay for professional advice.”
A growing number of high net worth investors – those with $5 million to $25 million not including primary residence – depend entirely on financial professionals. Nearly one-fourth described themselves as advisor-dependent in a May survey by Spectrem, compared to 18 percent in late 2009.
Most of these ultra wealthy, advisor-dependent investors – 66 percent - say it’s very important to have a guaranteed income during retirement and 48 percent expect a guaranteed return on their retirement plan.
The professional advice must be paying off. More than 70 percent of high net worth, advisor-dependent investors say they are “very satisfied” with their retirement plan earnings over the past year.