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Ed Meek
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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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The Retirement Concerns of Non Millionaires

Only 58 percent of non-Millionaires fully expect to have sufficient income to live comfortably during retirement, compared with 79 percent of Millionaires.

| BY Donald Liebenson

When it comes to saving for retirement, are non-Millionaire investors selling themselves short in their reluctance to consult with a financial advisor?

Non-millionaire are less likely than wealthier households to consult with a financial advisor, according Financial Behaviors and the Investor’s Mindset: Mass Affluent Investors 2016, Spectrem Group’s wealth segment study of non-Millionaire households with a net worth of at least $100,000 (not including primary residence).Forty-four percent of these investors identify themselves as self-directed, meaning they make financial and investment decisions without assistance of a financial advisor. In comparison, 31 percent of Millionaires with a net worth up to $5 million and 29 percent of Ultra High Net Worth investors with a net worth between $5 million and $25 million identify themselves as self-directed.

And yet, non-Millionaire investors are less confident than their wealthier counterparts about having a secure financial future. Only 58 percent fully expect to have sufficient income to live comfortably during retirement, compared with 79 percent of Millionaires and 90 percent of UHNW investors. Further, while it is not a high percentage, they are more concerned than their household is not saving enough to meet their financial goals (24 percent vs. 10 percent of Millionaires and 4 percent of the UHNW).

For a majority of non-Millionaire investors (56 percent), being able to retire when they want is a primary concern, the Spectrem Group report finds. It is less so for Millionaires (39 percent) and the UHNW (20 percent). These investors also indicate a heightened concern over getting adequate help and advice to allow them to reach their financial goals (34 percent vs. 25 percent of Millionaires and 17 percent of UHNW).

The largest percentage of non-Millionaire investors plans to retire in more than 10 years (42 percent), while three-in-ten look to stop working full-time in five-10 years. One-third anticipates that their household investable assets upon retirement will be $500,000 to $1 million, while just over one-fourth forecast they will have less than $500,000. Will that be enough?

Non-Millionaire investors clearly want advice about saving for retirement. Why the disconnect between their retirement concerns and their comparative lack of outreach to a financial advisor? Their wary mindset toward advisors is reflected in their belief that a financial advisor would not be looking out for their best interests, Spectrem Group wealth segment research finds. The next most common reasons they give for not using an advisor are that they feel they do not have enough assets to warrant having one and that they cannot afford one. Not surprisingly, this opinion is expressed most by non-Millionaire Millennials.

This is an opportunity for the industry to educate and support non-Millionaire investors by making more educational and investment solutions available online, along with video-chat support. These investors are generally younger than their wealthier counterparts and are likely to conduct independent research on the Internet. Retirement plan providers, too, should continue to support their retirement planning information and strategies.  

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.