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September 17, 2002 at 08:00 PM
CHICAGO (HedgeWorld.com)–Affluent investors who use investment banking-affiliated investment advisers have been unsettled by Wall Street’s analyst scandal, according to a survey.
Twenty-six percent of affluent investors using an adviser linked to an investment bank are considering a switch, which is a big change from previous attitudes, according to a Spectrem Group survey.
Historically, affluent investors have both relied heavily on brokerage firms for investment advice and been extremely loyal, staying with a firm for 10 years and longer, said George H. Walper, president of Spectrem. But this survey, conducted in July and August, indicates that may be changing. “That’s a very high number,” Mr. Walper said, in reference to the 26%.
