Young Millionaires are not aware of all of the multiple providers they have available to them in terms of receiving financial advice, a Spectrem study of wealthy investors reveals.
The Spectrem study Asset Allocation, Product Ownership and Perception of Providers offered Millionaire investors a dozen types of financial providers and asked them which ones the investors are familiar with. Banks top the list at 88 percent, followed by insurance companies (84 percent) and accounting firms (80%).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
But young Millionaires, those 44 years of age and younger, aren’t as aware as older Millionaires are about the firms that offer financial services. Only 78% of the youngest Millionaires are familiar with banks as financial providers, and only 67% say they are familiar with insurance companies for that purpose.
Only 68% of the youngest Millionaires are familiar with accounting firms that have the same purpose.
Independent financial planners, law firms, accounting firms, and independent investment advisors are all considered by Millionaires to be the types of firms that offer the most personalized services. They all received the nod from 90% of Millionaire investors (independent financial planners received 91%).
Mutual fund companies got a big bump in Millionaires who believe they offer personalized services. Last year only 36% said mutual fund companies offer personalized services, but in 2013 43% of Millionaires appreciated mutual fund companies for personal attention.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThere is a big turnaround when investors are asked about firms that offer innovative products and services. Sixty-three percent of Millionaires believe full service brokers offer the most innovative products and services, while 60% selected independent investment advisors and 59% chose independent financial planners. Law firms (27%) and accounting firms (30%) were given little appreciation for the innovative products and services they offer.
Banks (72%), full service brokers (71%) and mutual fund companies (71%) were seen as stable financial providers by the Millionaires. The least stable financial provider was law firms (39%), which dropped from 43% last year.
