The Millionaire Corner research, which studied relationships between advisors and their wealthy clients, revealed that the HNW entrepreneurs and business owners, preoccupied with tax and credit issues, are more likely to work with financial advisors than affluent investors from other walks of life.
The research found 88% of entrepreneurs and business owners using professional advisors, compared to 81% of HNW investors as a whole.
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Moreover, entrepreneurs and business owners were found as those more likely to be working with an accountant, attorney, independent financial planner or independent investment advisor, than the HNW investors from all other occupations; though they are less likely to use a full-service or discount broker.
The entrepreneurs and business owners entrust a larger share of their assets to a financial professional, than do HNW investors from all other occupations, and are least likely to believe they can do a better job of investing than a financial professional.
Though most of the HNW investors from other occupations were found using one advisor, most entrepreneurs and business were found to be using two or more advisors, while more than 20% use three advisors and 15% use four advisors.
And entrepreneurs and business owners show relatively high level of advisor loyalty, with more than half of them having worked with the same primary advisors for 10 or more years.
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By GlobalDataThe HNW entrepreneurs and business owners hold their advisors to a relatively high standard, since all of them indicated that they expected their advisors to respond promptly to their inquiries and questions.
