The survey found that though millionaires identify independent research as the most important factor in financial decision making, they rank input from a financial professional as a close second.

While around 41% of millionaires (individuals with a net worth of US$1 million or more) place the highest value on the financial information they obtain by reading company reports, expert analyses and fund prospectuses, an equal number of millionaires of 40% said the advice of an advisor is the most important factor in making a financial decision.

In contrast, individuals with investable assets of less than US$100,000 valued their own research (34%) above the advice of financial advisor (31%) and were most likely to put a premium on advice from friends and family members.

Further, over 13% said the advice of friends and family is the most important factor in financial decision making and about 1% said advice from friends and family as the most important criteria for making decisions.