According to a new survey, millionaires’ confidence in the economy dropped considerably in February. OnWallStreet.com reports that the Spectrem Group, a research firm, revealed that millionaires who had $1 million or more in investable assets had their investment outlook drop 10 points in February, reaching the number 1, according to the Spectrem Affluent Investor Confidence Index. Those with $500,000 or more in investable assets dropped their investment outlook three points, going down to -7.

George Walper, Jr., president of the company, said that “The level of Millionaire investors who indicated they planned to stay on the sidelines and not invest was at its highest since September 2011.”

The company conducts 250 interviews a month “with financial decision-makers who have more than $500,000 of investable assets,” OnWallStreet.com says. The interviews range from bullish to neutral to bearish. A rating of 11 to 51 is bullish, 10 to -10 neutral, and -11 to -51 bearish.

OnWallStreet.com says that what investors expected their household income to be in the future dropped to -9.51, the lowest in nearly four years. Faith in the economy also dropped, to -6.95.

Written by Lisa Swan

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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

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