It looks like there are a good number of millionaires who are in the market for financial advice. According to Fidelity Registered Investment Advisor Group's recently released survey--The Fidelity Millionaire Outlook--advisors play a critical role in helping millionaires meet their investment needs, but 30% of those wealthy surveyed do not currently use an advisor. Conducted in December 2006 by Burke, Inc., the Outlook measures the confidence levels of 2,500 financial decision-makers with a minimum $1 million in investable assets across five areas--the stock market, consumer spending, the economy, business spending, and the value of real estate.
"Millionaires told us that while they seek control and validation in their investments, they recognize they need help in managing certain aspects of their finances, such as tax advice and charitable giving," noted Jim Dario, executive VP at FRIAG, in a statement.
According to the survey, 70% of millionaires have an established relationship with at least one financial professional, and among this group, 34% report having two or more. Also, independent advisors are used by 22% of those surveyed, and on average, hold 56 % of their investable assets--the largest amount of any single provider.