High net worth investors are seeking advice from more financial advisors than in years past, according to new research.
Cerulli Associates discloses this finding in a report, “High Net Worth and Ultra High Net Worth Markets 2013: Understanding the Contradictory Demands of Multigenerational Wealth Management.” The sixth annual survey analyses the market size, structure and developments among the high net worth (those with investable assets greater than $5 million) and ultra-high net worth (more than $20 million) markets. The research also examines vehicle use, fees and services provided at family offices, wirehouses and private client groups.
The report pegs the average number of provider relationships among the high net worth at 4.4, a figure that tops the average for the years 2008 through 2012. Cerulli views this finding as a positive sign for advisors looking to gain a toehold or expand their presence in the high net worth market.