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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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When Would Millionaires Call a Personal Financial Advisor?

What financial events would cause a Millionaire to pick up the phone and call a personal financial advisor? What would prompt Main Street investors to call? Find out.

| BY Adriana Reyneri

Millionaires like to be involved in the day-to-day management of their finances, but a handful of situations would prompt most of them reach out to a personal financial advisor. What events are most likely to send a Millionaire for help?

More than three-fourths of high net worth Millionaires – who have investable assets of $5 million up to $25 million - indicate they would reach out to a personal financial advisor for help with changing tax laws, according to a February survey from Spectrem’s Millionaire Corner. Close to two-thirds would seek advice on handling a financial windfall and more than half could consult an advisor in the event of extreme market volatility.

Tax consequences, along with risk and diversification, are the top three investment criteria of high net worth Millionaire investors.

Main Street investors with less than $100,000 to invest appear more concerned with retirement security than with tax increases, according to our research. Close to 60 percent indicate they would reach out to a financial advisor for help with issues surrounding retirement, while 56 percent would seek advice regarding an inheritance and 54 percent would call an advisor if they experienced a financial windfall.

Retirees tend to rely more heavily on financial professionals than younger investors, according to our research.

How has a personal financial advisor been of service over the past 12 months? The majority of investors at all wealth levels report their advisor has helped them to reallocate the assets held in their investment portfolios. Advisors also commonly introduced their clients to new investment options, and educated them on market conditions and economic trends. Less affluent investors tended to work with an advisor to adjust their retirement plans, while the most affluent commonly worked with their personal financial advisor to address their concerns with changing tax laws.

For information on selecting a personal financial advisor, see our new Find an Advisor service.