Most millionaires use a financial advisor, according to the High Net Worth Investor Study released March 19 by Boston-based Fidelity Registered Investment Advisor Group (FRIAG). The study profiled how millionaires use financial advisors, and assessed their confidence in the current economy and the economy a year from now for a new “analytical indicator, the Fidelity Millionaire Outlook,” according to the announcement.
While 70% of the 2,500 investors with assets of between $1 million and $10 million participating in the study have had an advisor since an average age of age of 43, that relationship isn’t always exclusive: just over a third, (34%) say they have “two or more” advisors. These relationships last an average of 10 years. Of the 30% that don’t currently have an advisor, nearly half said they plan to find an advisor within a year, and “more than a quarter of those are likely to use an independent advisor,” according to the study.