Among those expecting to change their advisors, 41% of the investors were found to be looking for a new relationship with a financial investment firm and brands with the highest consideration among prospects include Vanguard, Fidelity, and USAA.
The research involved individual investors aged over 21, having more than US$100,000 in investable assets, exclusive of 401(k) or similar employer-managed retirement plans.
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Also, contributing to an existing IRA, seeking assistance for retirement planning, or investigating online trading providers were found to be the most frequently reported changes planned by investors in 3Q12.
Activities such as closing all accounts and terminating all brokerage relationships, closing an account but not terminating the relationship, and opening a new IRA were found to be the ones least frequently to occur.
"Our historical monthly data show that investors who are in market for a change are younger than investors who are staying put and they are more likely to place 4+ online trades each month," stated Cait Robbins who is the Phoenix analyst responsible for the monthly US study.
"We also see that investors planning a change are generally working full time, fewer are retired, and a larger share report household income in excess of US$100000," Robbins added.
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By GlobalData
