SOURCE: Spectrem Group

March 05, 2013 10:40 ET

Spectrem's Millionaire Corner Launches Online Service to Connect Investors and Financial Advisors

CHICAGO, IL--(Marketwire - Mar 5, 2013) -  With the Internet and social media having transformed how people find and vet professionals from doctors and lawyers to plumbers, online investor center Millionaire Corner is about to do the same for financial and investment advisers. On March 1, it introduced its Find An Advisor service, which enables investors to search and scrutinize detailed profiles, videos and other information about individual advisors who are members of the site.

Find an Advisor is already attracting interest in the investment community. As a new benefit, American Institute for CPAs (AICPA) members who have their PFS designation and provide financial planning and investment advisory services can receive a preferred membership to Find an Advisor.

The Find an Advisor service is just the latest innovative wealth management resource from Millionaire Corner, which has grown from its launch two years ago into a respected independent authority for investors and about investors. Millionaire Corner provides timely, relevant and practical information and tools, leveraging 20 years of insight and proprietary research on wealthy investors from its parent, Spectrem Group.

In fact, Spectrem created Millionaire Corner and its new service for connecting advisors and investors in response to its research showing clear and growing demand from wealthy investors for online financial information and advice:

  • 64% of Ultra High Net Worth (UHNW) Investors, with at least $5 million in net worth not including their primary residence, evaluate financial firms and seek investing information online
  • 60% of Millionaire Investors, with $1 million to $5 million in net worth, use tablets to research investments and 43% seek financial advice online
  • 39% of Millionaire Investors who are 44 or younger regularly read financial blogs and 21% rely more on social media than traditional media for information

"Until now, wealthy investors have largely relied on referrals from family and friends to find advisors. But a growing number are looking for independent views and information about specific advisors," says Catherine McBreen, President of Millionaire Corner. "Our Find An Advisor service meets investors where they increasingly spend their time, which is online and often using social media and mobile devices. It takes the guesswork and randomness out of locating and evaluating financial and investment advisors."

To identify a potential advisor using the service, investors can search the database by state, specialty and professional designation. They also can quickly gain insight into each advisor through personalized videos and profiles that cover such matters as their credentials, investing philosophy, how they work with clients, and links to regulatory filings.

Millionaire Corner had to table plans to post the results of client surveys on Find an Advisor after working without success with the Securities and Exchange Commission for a year to secure approval to do so. Millionaire Corner will proceed with conducting a client survey for each advisor, then share the results directly with the advisor.

Find an Advisor membership, which is attracting wealth advisors looking for new ways to reach clients and expand their business, also includes:

  • listing in advisor database
  • customized video and profile
  • subscription to monthly newsletter featuring proprietary Spectrem data and insights about UHNW investors
  • ability to post a financial blog on Millionaire Corner.

"Millionaire Corner and its Find an Advisor service offers our firm a unique platform for connecting with affluent investors who could benefit from professional financial assistance. This service allows us to reach a large number of qualified potential clients in one place," says Ed Meek, CFP, Founder and CEO of Edge Portfolio Management. "The video that Millionaire Corner created was exceptional, and the client satisfaction survey provides immeasurable insights into how our clients perceive us."

About Spectrem's Millionaire Corner
Millionaire Corner is a premier independent online resource for investors and about investors. Drawing on more than 20 years of proprietary research and insight about wealthy investors from its parent, Spectrem Group, Millionaire Corner delivers timely, relevant and practical information and tools to help fuel financial growth for Millionaire Investors and aspiring millionaires. With its Find an Advisor service, investors are able to search and evaluate wealth financial and investment advisors.