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May 06, 2009 at 08:00 PM
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The 1,012 investors who participated in the survey are experienced investors, 59 years old, on average, with an average $3.5 million of investable assets, not including real estate, and $300,000 in annual household income. They have been “fundamentally optimistic in all three years” that the survey’s been conducted, and they’re “resilient” in their attitude about the future, said Fidelity Investments Executive Vice President Gail Graham, in an interview with Wealth Manager in Orlando, Florida. These investors, surveyed in February, don’t panic, but instead take a step back, reassess. It’s not that they feel immune, however. Their attitude is: “Look at your spending patterns and cut back,” Graham adds. Three-quarters of these investors are self-made, she explains. They stay focused and look for opportunity.
Of the surveyed group, 75% of them work with an advisor–and were “quite satisfied with their advisors,” says Ekaterina Walsh, PhD and vice president of market research for Fidelity Investments Institutional Wealth Services. And, of all of the types of advisors these investors work with, wealth managers providing a comprehensive look at their whole financial picture get the highest ranking. But while there’s been “little defection” from current advisors, these investors are adding advisors–a move toward diversification in advice and maybe location of assets.
These investors are a “great teaching source for the rest of our investors,” Graham notes. They “know that they need to be in the stock market.” And they’re ready for the right opportunity: “There’s enormous cash on the sidelines,” she says. “These clients will move–[they are] getting psychologically ready to do it.”
