North American ultra-high net worth families are more influenced by their financial advisors over investment decisions than family members, group or committee, according to a study by Morgan Stanley Private Wealth Management and Campden Wealth Research.
The study revealed that a professional financial advisor is used in 41% of cases for overall asset allocation, while a family advisor or family office executive is used in 38% of cases.
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A professional financial advisor is also used to make decisions about specific opportunities in 44% of the cases, and to divest in vehicles or companies in 41% of the cases.
While, 89% of the ultra-rich said they were either strongly or partially influenced by their wealth advisers.
In comparison, family business strategy or partners and affiliates were the second-most influential entity, parents were influential for a third of the individuals, while spouses influenced a quarter of the ultra rich.
Morgan Stanley head of ultra-high net worth resources David Bokman said: "The more that Financial Advisors can understand, the more holistic advice they can offer, and the more families will gain from their interactions. Financial Advisors may even wish to be explicit about their desire to gain more knowledge into the family from the outset to help fast-track this process."
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By GlobalData
