According to a new survey, millionaires are very comfortable with using financial advisors, and appreciate what they do. The Millionaire’s Corner says that millionaires understand the role financial advisors play.
The most important benefit of hiring a financial advisor, according to 3/4 of the millionaires surveyed, is that the advisor “improves my knowledge of investing.”
The second most-important benefit of a financial advisor, according to over 2/3 of the millionaires, is that the financial advisor “provides me with a wider range of investment opportunities.” And 2/3 of the millionaires surveyed said that the connection with the financial advisor “improves my investment returns,” with 57% saying that dealing with a financial advisor “gives me peace of mind.”
The millionaires surveyed found very little drawbacks to working with a financial advisor, with “higher fees” being the thing 54% cited. Yet a majority of millionaires said they were comfortable with what they paid their financial advisor, and the bigger the net worth of the millionaire, the more comfortable they were.
Written by Lisa Swan