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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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Younger Millionaires Less Loyal to Financial Advisors

Younger Millionaires appear less attached to their financial advisors than their older peers. Learn more about the trend.

| BY Adriana Reyneri

Most Millionaires would follow their financial advisors to another firm, but younger Millionaire investors are bucking this trend, according to the most recent research from Millionaire Corner, which indicates advisor loyalty grows with age.

Fifty-five percent of Millionaires ages 45 and older indicate they would move with their financial advisor to another firm “because the relationship with the advisor is more important to me than the firm for which they work,” according to research on advisor relationships conducted by Millionaire Corner over the third quarter of the year.

The majority of younger Millionaires – those ages 44 and younger – feel differently.  Our research shows that 41 percent would move with their advisor, while 59 percent indicate they would stay with the current firm because “the safety and brand name of the company is more important to me than my relationship with the advisor.” Close to half of the younger Millionaires who would elect to stay with the firm also indicate that “changing firms would be too much of a hassle.”

Younger Millionaires also appear more likely than their older peers to drop, switch or add advisors. Seventeen percent of investors ages 44 and younger say it’s likely or extremely likely they will drop or replace their current advisor, and 15 percent say is likely or extremely likely they will add another financial advisor. In comparison, roughly 5 percent of all Millionaires would change their current relationship with their advisor in any of these ways.

Conversely, 91 percent of investors ages 65 and older expect that over the next 12 months they will continue to use their advisor to the same extent as in the past, but the share drops to 78 percent among investors ages 44 and younger.

Younger Millionaires are most likely to identify a full-service broker (24 percent), independent financial planner (17 percent) or accountant (14 percent) as their primary advisors.