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August 01, 2009 at 04:00 AM
The high-net-worth feel pretty good about their advisors, reporting that they not only helped limit their investment losses in 2008, but by communicating with them during the worst days of the crisis helped them cope with that crisis. Those are the top-line findings of Fidelity’s 3rd annual Millionaire Outlook study, which was sponsored by National Financial and Fidelity Investments and conducted online by Richard Day Research, a third-party research firm, in February 2009 among 1,012 investors with at least $1 million in investable assets and released on June 29.
Among those respondents who said they worked with an advisor (Fidelity was not identified as the sponsor), the average investable assets declined by a reported 4%, compared to an 18% reported drop among those respondents who said they did not work with an advisor.
But the psychological benefit of having an advisor was just as important, the survey found, with 85% reporting that “contact with their advisor helped them feel more comfortable and better able to cope with the financial environment.”
