Almost half of all Millionaire investors rely on and trust their financial advisor for the vast majority of their financial needs, a Spectrem report on wealthy investors reveals.

Relationships with Advisors, which examines the many facets of the investor-advisor affiliation, shows that 47% of Millionaires rely on their advisor for most of their financial transactions and plans.

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Millionaires are defined in the report as investors with a net worth between US$1 million and US$5 million Not Including Primary Residence.

Among Ultra high-net-worth investors, with a net worth between US$5 million and US$25 million NIPR, 48% rely on and trust their advisor for the majority of their financial purposes.

Among Millionaires, 56% of those ages 65 and older rely almost entirely on their advisor, while only 29% of those ages 44 and younger do so.

There are levels of advisor usage, and 18% of Millionaires say they have a portion of their investments with an advisor to compare with the results of their own investing. Twenty percent of UHNW investors do the same.

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More of the younger Millionaires (35%) have a portion of their investments with an advisor to use as a comparison with their own investing. Among UHNW investors, 23% of investors 44 and younger like to compare their investing with the investment of advisors.

Sixteen percent of Millionaires say they are relying less on an advisor and making more of the financial decisions without an advisor’s assistance. Eleven percent says they have done most of their own investing but are moving more assets to an advisor.

Only 8% of UHNW investors say they are transitioning from handling investing on their own and moving to an advisor, and 13% are relying less on an advisor. But again, the younger UHNW are more involved (23%) in transitioning from handling their own investments to turning them over to an advisor.

Fifteen percent of UHNW investors use an advisor for certain types of investments such as real estate or alternative investments, while 12%of Millionaires do so.