From the November 2008 issue of Boomer Market Advisor • Subscribe!

High-net-worth boomers ditch the advice

Sure, it's easy to like your financial advisor when your portfolio's doing well, but high-net-worth boomers are just not seeing the cost/benefit value within their advisor/client relationship. A record-high (41 percent), according to the 2008 Phoenix Wealth Survey, indicate they are making their own financial decisions because of the quality of the advisor's investment advice and fees charged.

"We're finding attitudes change during different economic cycles," says Walter Zultowski, Ph.D., senior vice president for The Phoenix Companies. "Now is the time to add value to the advisor/client relationship."

Despite the skepticism, Zultowski adds there is still a sweet spot for HNW boomer advisors -- estate planning. After all, 2010 is fast approaching.

One other important finding from the survey is that health care is no longer the top concern for high-net-worth boomers during retirement; now, it's inflation.

"It's very cyclical," Zultowski says. "In any given year, about 34 percent to 37 percent of high-net-worth boomers will have a formal written financial plan. But although many will have a formal plan, most don't pay attention to it until times get tight."

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