Young millionaires doubt the value of financial advisors, according to Spectrem Group.
Young millionaires doubt the value of financial advisors, according to Spectrem Group.
According to the Chicago-based company’s monthly newsletter, millionaires under the age of 45 say that they prefer self-directed investing and they find the services of a professional advisor to be too expensive.
The survey polled millionaires in three different age groups: 41 to 45, 35 to 40, and under 35. Predictably, the younger the millionaires the stronger the sentiment. For example, 58% of individuals between 41 and 45 found the services of a financial advisor too expensive as did 74% of those under 35.
Younger investors are looking for access to a lot of information online, according to Spectrem, especially personal account information, comprehensive service/product offering information, research on financial products and instruments, ability to aggregate financial information from multiple providers and articles on timely financial topics.
To read the full story, visit bankinvestmentconsultant.com