CHICAGO, IL--(Marketwired - Sep 17, 2014) - The number of wealthy American households with a net worth greater than $25 million has reached a new record, according to a recent study by Spectrem. Additionally, the wealthiest of these "one percenters" now consist of working households with two income wage earners under age 55, nearly three-quarters of whom work more than 40 hours per week.
Just 69 percent of these younger wealthy households are satisfied with their financial advisor, compared with 90 percent of older wealthy households surveyed who are satisfied with their financial advisors' responsiveness and performance.
While face-to-face meetings with financial advisors are still preferred, younger investors are embracing technology such as Skype and FaceTime for informal meetings, believing online meeting technology will become increasingly important as advisors communicate with their children and grandchildren.
"Every $25 Million Plus investor has financial concerns and attitudes that are unique and multi-layered,'' says George H. Walper Jr., President of Spectrem Group. "These investors consider themselves knowledgeable about investments and look to financial advisors for state-of-the-art investment opportunities and financial technologies. For the most part, they are not done extending their portfolios or wealth levels."
Additionally, these younger investors want to educate their children regarding financial issues by having their children meet with their advisor and exposing them to educational programs about wealth.
Other key findings in the report include:
- The $25 Million Plus investor is likely to work as long as they can, with no plans to retire. Almost three-quarters of the "one percent" still work more than 40 hours a week.
- Younger wealthy investors place a greater emphasis on using their wealth to help others and are more concerned about the next generation's financial health.
- Wealthy business owners have greater risk tolerance than other investing groups, and show the greatest concern over the legacy they are leaving for their children/grandchildren.
Additional insights about wealthy investors from the $25 Million Plus Investor are available at Spectrem.com and Spectrem's Millionaire Corner.
About Spectrem Group
Spectrem Group (www.spectrem.com) is the leading research provider in the wealth management marketplace. Each month, Spectrem Group surveys more than 1,500 investors with $100,000 to $25 million of net worth regarding their investment attitudes and behaviors.
About MillionaireCorner.com
Millionaire Corner delivers timely, relevant and practical information and tools to help fuel financial growth for Millionaire investors and aspiring millionaires. With its Best Financial Advisors service, investors are able to search and evaluate over 2,100 financial advisors based on actual customer reviews of satisfaction with the advisor.
Charts and summary available upon request.
Contact Information:
Contact:
Natalie Bisaro
Wilks Communications
708-434-5006