The March of Wealth Continues

One finding of the report might be of particular interest to advisors. Punishill writes of a certain segment of the HNW market that is underserved–what he calls “mid-tier millionaires,” those with between $5 million and $30 million in financial wealth. Their main problem, Punishill says, is “managing their managers.” They have multiple advisors, and know they need to work with specialists, but their assets are too low to merit formation of true family offices. These people would seem to benefit most from the services of independent advisors, but Punishill says the “million-dollar question” is who will “get the answer first” to serving these clients effectively and efficiently–the wirehouses or “companies like Fidelity or Commonwealth or Bear Stearns.”