How Do High Net Worth People Get Advice?

2,036 investors. Average investable assets: $2.37 million. What did they value when it came to financial information? In the second half of 2008, Dow Jones commissioned Beta Research to conduct a poll of their preferences.

Where do they get their investment advice? The survey found that 74% of respondents went to a financial planner, financial advisor or broker. Interestingly, 37% included “myself” among their choices. 27% of those polled indicated that they would seek investment advice from a spouse or a family member. In contrast, only 23% indicated that they would read a business or financial publication in pursuit of investment advice, and just 13% said they would turn to financial TV programming for advice.

What are their favorite financial news sources? The favorites included The Wall Street Journal, Barron’s, SmartMoney and MarketWatch. CNBC and Morningstar were next in line.
How often are they in contact with their advisor? Well, 36% said between 1-4 times per year. That was the most common response. 22% said between 5-9 times per year, and 12% said 10-14 times per year. Another 4% said 25 times a year or more. 14% reported no contact with their advisor.

What do they talk about with their advisor? The most commonly cited topics were tax reduction, alternative investments, estate planning, emerging markets investing, retirement planning and long term care.

High net worth investors want to be engaged and informed. The survey findings suggest many are well-informed and updated as an effect of their advisory relationship. More than 70% of respondents said their financial advisors send them regular newsletters, and the majority of those recipients said that they read these newsletters regularly. Another 10% of those polled said they would like to receive a newsletter.

The survey bears out that affluent Americans want contact, care and information as they make or consider financial decisions.