Diversifying assets and establishing an investment plan are the two pieces of advice most often received from advisors by wealthy investors, according to Spectrem’s Millionaire Corner study.

The research revealed that providing for long-term care is the information more wealthy investors want to get from their advisors in the future.

The research examined the relationships with advisors in three unique wealth segments: Mass Affluent (with a net worth of between US$100,000 to US$1 million Not Including Primary Residence), Millionaire (net worth between US$1 million and US$5 million NIPR) and Ultra High Net Worth (US$5 million to US$25 million NIPR).

Among UHNW investors, two-thirds already have an investment plan established, and get advice on selecting individual stocks and bonds. More than 60% (64%) have been told to diversify assets away from a concentrated position, and more than 50% have been advised in implementing tax advantaged strategies.

The advice UHNW investors are still looking for beyond long-term care is selecting alternative investments such as hedge funds (13%) and using family foundations and other philanthropic vehicles (12%).

Fifty-seven percent of Millionaires have already received advice on diversifying assets (46% of Mass Affluent have also received that advice). Fifty percent or more of Millionaires have gotten advice on establishing an investment plan (56%), selecting individual stocks and bonds (54%) and planning for retirement (50%).

In terms of advice Millionaires are seeking in the future, 23% are looking to plan for long-term care, and to establish an estate plan. Seventeen percent want to implement a tax-advantage strategy, and 12% want to have a written financial plan prepared for them.

Among Mass Affluent investors, 29% plan to ask for advice on long-term care, and 28% want advice on establishing an estate plan. Twenty-two percent are looking to implement a tax-advantaged strategy.

Seemingly everyone wants advice on long-term care but no one has gotten it yet. Only 26% of Mass Affluent investors have long-term care plans in place (with 29% looking for that advice), 27% of Millionaires are already planning for long-time assistance (with 23% planning to ask about it in the future ) and only 22% of UHNW investors have long-term care arranged (with 19% looking for that information).