2010 is a long – very long – time from now for the mass of investors who took a huge financial hit in 2008. Experts predict that’s when the financial crisis will show signs of improvement, but many say things will only get worse before they get better. And recent data released by Spectrum Group indicates affluent investors are not immune.
U.S. households worth $1 million or more have seen their assets decline by 30 percent, according to Spectrum Group. And a vast majority, 90 percent, believes the economic downturn will last another 22 months before any upturn.
Fifty-five percent of millionaires surveyed said they are worried they will not have sufficient assets to maintain their lifestyle. Many, says Catherine S. McBreen, Managing Director of Spectrem Group, are not happy with their financial advisor. “Many millionaires are not happy with their advisors’ performance and few say they will increase the work they give to advisors,” McBreen said.
Only 36 percent of millionaires believe their advisor has performed well through the financial crisis.