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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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Who are the Ultra-Wealthy, Part Three: Investment Knowledge

Investment knowledge and enjoyment increases with wealth level

| BY Donald Liebenson

With great wealth, it seems, comes a more hands-on attitude towards investing, according to a new Millionaire Corner wealth level study of households with a net worth of at least $25 million (not including primary residence).

Nearly three-quarters (71 percent) of ultra-wealthy households enjoy investing and would not want to give it up, Just under two-thirds (64 percent) like to be actively involved in the day-to-day management of their investments. This enthusiasm dampens as wealth level decreases.

Less than half (47 percent) of Millionaire households with a net worth between $1 million and $5 million say they enjoy investing, according to our first quarter wealth level study, while just over one-third (34 percent) of Main Street investors (with a net worth between $100,000 and $1 million) say investing is something they do not want to give up.

Likewise, only half of Millionaires said they like to be involved in the day-to-day management of their investments. That percentage dips to 43 percent in Main Street households.

More than 60 percent of ultra-wealthy investors spend more than five hours per week reviewing their investments.

Not surprisingly, the ultra-wealthy are more confident than less wealthy households about their investment knowledge and most likely to say they know what they’re talking about, investment-wise. Forty-five percent of respondents consider themselves very knowledgeable about financial products, compared, say, to 33 percent of Main Street investors.

What are their go-to sources to gain this knowledge? Almost three-quarters consult with their financial advisors. Less than one-quarter of ultra-wealthy investors describe themselves as self-directed, meaning they make all financial decisions themselves without the benefit of professional counsel.

Fifty-nine percent peruse the daily financial press, while just over one-third (34 percent) review the weekly financial press. Again, not surprisingly, seniors 66 years-old are the most likely to consult these old school resources

They are more apt to check out websites (38 percent) other than ones operated by their advisor or provider (33 percent).Thirty-eight percent said they tune in to cable financial news shows.

Just over one-quarter (26 percent) will confer with family and friends. Investors under 55 are the most likely to seek advice from those they know and trust (32 percent)

Surprisingly, a greater percentage of seniors said they obtain investment news and information from iPod or iPad downloads, (23 percent vs. 16 percent of ultra-wealthy investors overall). It is young people customarily who most eagerly adopt new technology into their lifestyle.

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.