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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
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 Advisor Usage

Gen X Millionaires are transitioning more of their assets to an advisor. 

| BY Donald Liebenson


Three-fourths of Millionaires use a financial advisor in some capacity. In what situations are Millionaires most likely to consult one?

Millionaires consider gaining investment knowledge to be the primary benefit of working with a financial advisor, Spectrem Group research finds. Across Affluent wealth segments, 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.

A Spectrem Group wealth segment study of investors with a net worth between $1 million and and $5 million finds that Millionaire consult with a financial advisor about just over half of their assets, either just for advice before making the final investment decisions themselves (36 percent) or to completely handle with no input from them (16 percent).

Nearly six-in-ten indicate they rely and trust their advisor for the vast majority of their financial needs, while one-third rely on their advisor for specific types of investment such as real estate or alternative investments. One-in-five cede a portion of their investments to an advisor to compare results of their own investing. An equal percentage is transitioning more of their investments to a financial professional.

Nearly three-in-ten report they are becoming more self-directed investors, meaning they are making more of the financial decisions without a financial advisor’s assistance.

According to Advisor Relationships and Changing Advice Requirements, Millionaire Millennials comprise the highest percentage of these wealthy investors who keep a portion of their investments with an advisor to compare results of their own investing (42 percent, vs 29 percent of Gen Xers, 25 percent of Baby Boomers and 16 percent of seniors ages 65 and up. They are also the most likely to indicate they are relying less on an advisor and making more of their own financial decisions.

Gen X Millionaires are the most likely in this wealth segment to report they are transitioning more of their assets to an advisor. They are also most likely to be reyling on an advisor for specific types of investments such as real estate (43 percent vs. roughly one-third of Millennials, Baby Boomers and seniors).

 

Trust in their advisor for the vast majority of their financial needs is most expressed by Baby Boomers (57 percent) and seniors (60 percent).



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

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.