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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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Millionaires and Their Financial Advisors--Are They Satisfied?

Seven-in-ten Millionaire investors work with a financial advisor in some capacity. How satisfied are they with the service they're receiving?

| BY Donald Liebenson

Seven-in-ten Millionaire investors work with a financial advisor in some capacity, according to a new Spectrem’s Millionaire Corner wealth level study of households with a net worth between $1 million and $4.9 million (not including primary residence). Are they satisfied with the service they are receiving?

Nearly one-third of these Millionaires (32 percent) report using a financial advisor for specific purposes, such as asset allocation or saving for retirement, while one-fourth consult with a financial professional regularly, but still make most of the final decisions regarding their portfolio. Thirteen percent rely on their financial advisor to make all or most of their investment decisions.

The primary benefit of working with a financial advisor, Millionaires state, is that it improves their knowledge of investing, according to Millionaire Corner research of Affluent households. Millionaires, especially, prize financial knowledge. More than half consider it to be “extremely important,” compared with about one-fourth of households with a net worth of less than $100,000.

The next biggest advantages to working with a financial advisor, Millionaires state, are that it provides them with a wider range of investment opportunities (64 percent) and improves their investment returns (62 percent). Nearly six-in-ten (57 percent) state that working with a financial advisor gives them peace of mind, while almost half (48 percent) like being able to delegate responsibilities to an expert.

So how are their advisors doing? Roughly three-fourths (74 percent) said that overall, they are satisfied with their advisor, unchanged from last year and up from 70 percent in 2009. Nearly eight-in-ten (77 percent) said they are satisfied with their advisor’s knowledge and expertise, while 80 percent are satisfied with their advisor’s responsiveness to their requests.

Perhaps the surest sign of satisfaction with their financial advisor is that nearly nine-in-ten Millionaire respondents to the Millionaire Corner wealth level study said they will continue to use their primary advisor at the same level in the next 12 months, while 62 percent said they were likely to recommend their primary advisor to someone they know.

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.