In the research, 53% of HNW investors aged 65 and older were found to rely more on and trust their financial advisors for the vast majority of their financial needs, while only 27% of HNW investors aged 45 to 54 were found to depend on an advisor for their financial needs.
The tendency to depend on advisors was found to increase with age.
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Millionaire Corner states that though older investors may be more advisor dependent, they are not pushovers and set a relatively high bar for service, with more than 70% being ready to fire an advisor who failed to return their phone calls in a timely manner, and more than 60% stating to leave an advisor who did not provide them with good ideas and advice.
The younger investors were not found to be as demanding.
Moreover, while older investors were found to rely more on financial professionals, they appear to value the safety and brand name of their financial firm more than their relationship with any one advisor. 52% said that they would stay with their financial firm rather than follow their advisor to a new firm.
Advisor’s character were also found to be given importance by the older investors, with 100% of HNW investors, aged 65, valuing advisor’s honesty and trustworthiness, and 97% wanting an advisor who would provide transparency and keep them informed of what they are doing. Younger investors were not found to value these qualities to the same degree.
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By GlobalDataAdditionally, the older investors were found to be more sensitive to the fees charged by advisors.
