Despite their extensive wealth, a poll released Thursday by SEI Private Wealth Management of ultra-wealthy Americans found that regardless of their current level of wealth, respondents would need twice that amount to feel financially secure. Younger respondents (those under 50) felt they would need at least three times their current wealth to feel really secure.
In light of those fears, advisors may be underserving their ultra-wealthy clients. SEI found nearly half of respondents felt “isolated” when making financial decisions.
Scorpio Partnership surveyed more than 160 respondents with an average $11.8 million in financial assets for SEI’s poll. SEI Private Wealth Management focuses on investors’ concerns rather than advisors’ and declined to comment on the survey results.