Nearly half of ultra-wealthy Americans (49 per cent) feel isolated when making financial decisions, says a survey by SEI, a provider of asset management services and investment processing solutions. Nearly two in five (39 per cent) feel most confident getting advice for difficult financial decisions from a wealth advisor and more than half (57 per cent) feel their wealth advisor is not giving them all the information they need to assess investment risk. The results point to a lack of communication between the ultra-wealthy and their advisors when it comes to the potential risks involved in investment decisions. “The challenge is trying to balance the need for external input with clients’ instincts to take the lead on family decisions, financial, or otherwise. It really comes down to having frequent and meaningful communication with clients in order to arm them with all the information and advice they require to make confident decisions. Hopefully in doing this, the client will feel more connected and more informed when assessing financial decisions,” says Michael Farrell, managing director for SEI Private Wealth Management. Results also showed that the ultra-wealthy believe they would feel financially secure with double the level of assets they currently have, regardless of present net worth. What’s more, the amount needed for investors under the age of 50 to feel they have financial security is even greater, coming in at more than three times their current net worth.
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