The annual Phoenix Wealth Survey, conducted by Harris Interactive between January and February 2009, revealed that high-net-worth consumers are pessimistic about their financial futures. "The continuing economic turmoil has stripped America's millionaires of their confidence and sense of security; they are feeling far worse off than they did during the last economic downturn in 2003," said Walter H. Zultowski, the survey's creator.
The changed attitude of millionaires may soon be reflected in their behavior. More poll respondents said they plan to seek the help of advisors, up to 73 percent from 67 in 2008 but still a relatively low number. Some 27 percent receive no professional advice at all and more than one-third do not have a principal advisor.
Of those who did report having an advisor, 13 percent say they will be changing advisors within 12 months, up from 8 percent last year. Many of these individuals reported a lack of initiative on their advisor's part. Nearly a quarter said they had to initiate contact in response to the market's plunge compared to 27 percent who said they were contacted by their advisors. Perhaps most remarkable, some 51 percent of respondents said they have had no contact with their advisor or do not have a financial advisor.
Aside from issues of contact, nearly one-third of poll respondents said their advisor does not offer the products or services they require, this number doubling over the past five years. Notes Zultowski, "These data suggest a missed opportunity for advisors. The keys to successful client relationships in a negative wealth environment are maintaining contact and bringing them new, innovative solutions for their financial needs and concerns."
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