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Financial Planning > Behavioral Finance

Survey: Investors With Formal Plans Are Happier

By Staff Writer

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NU Online News Service, Aug. 28, 11:42 a.m. – Wealthy investors who have formal, written financial plans seem to be doing better these days than wealthy investors without formal plans, according to results of a Web-based survey by Harris Interactive Inc., Rochester, N.Y.

When Harris surveyed 1,649 wealthy investors in March for The Phoenix Companies Inc., Hartford, it found that 46% described their current economic situations as extremely or very comfortable, and 46% described their wealth as extremely or very secure for the long term.

Among investors without formal financial plans, only 40% believed their current economic situations were either extremely or very comfortable, and only 37% believed their wealth was extremely or very secure for the long term.

Fifty percent of the investors with formal plans were extremely or very satisfied with their financial advisors, while only 35% of the investors without formal plans expressed that level of satisfaction.

Each of the investors surveyed had a household net worth of at least $1 million, excluding the value of the investor’s primary residence.

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