SOURCE: Spectrem Group

Spectrem Group

September 09, 2015 08:00 ET

New Study Reveals Underlying Reasons Why Wealthy Investors Change Financial Advisors

CHICAGO, IL--(Marketwired - Sep 9, 2015) - Wealthy investors commonly change financial advisors over the course of their lives. However, the reasons behind the decision can vary greatly depending upon their age and net worth, according to a new study from Spectrem Group. 

Why Investors Switch Advisors reveals that more than half of High Net Worth investors have switched financial advisors within their lifetime and nearly a quarter (23 percent) of Affluent investors say they have switched advisors within the past five years. It also indicates that more than 10 percent (11 percent) of Millennials have fired their advisor in just the past year. 

According to the study, wealthy investors most often fire advisors for a lack of proactive ideas, while less wealthy investors fire advisors for a lack of frequent contact. Younger investors are also more likely to believe an advisor should provide information via mobile technology and understand social media.

Investors who are more involved with their portfolios and enjoy investing are more likely to switch advisors than those who don't have the time or interest to follow the market, according to the study. Nearly 9-in-10 wealthy investors check their account information on a regular basis and nearly three-quarters (72 percent) regularly follow the financial and economic news.

"This research offers key insights to providers about attracting and keeping investors," said George H. Walper, Jr., President of Spectrem Group. "It underscores that investors are looking for proactive advisors who stay in contact with them in addition to offering new investment ideas and forward thinking."

Additional insights about the attitudes and concerns of wealthy investors are available at and Spectrem's Millionaire Corner, including:

About Spectrem Group
Spectrem Group ( strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.

About Spectrem's
Millionaire Corner is a premier independent online resource for investors and about investors. Millionaire Corner delivers timely, relevant and practical information and tools to help fuel financial growth for Millionaire investors and aspiring millionaires. With its Best Financial Advisors service, investors are able to search and evaluate financial advisors based on actual customer reviews of satisfaction with the advisor.

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