Investor confidence among the affluent and the very affluent dipped in April, according to Spectrem Group.
Spectrem Group's "Affluent Investor Confidence Index" (SAICI), released today, dropped three points in April, while a subset of the index consisting of millionaires dropped two points.
The affluent index measures the investment confidence and outlook of households with $500,000 or more in investable assets. That drop ends seven consecutive months of index gains and reflects renewed caution toward the market and doubts that the economic recovery will take hold, Spectrem officials said.
"Affluent investors took a step back in April," said George H. Walper Jr., president of Spectrem Group. "There was a significant decrease this month in the number who invested in stocks, and an increase in the number who chose not to invest. We also saw a downturn in confidence in the economy."
The SAIC Index is based on 250 monthly e-mail interviews with the financial decision-makers in households with $500,000 or more in investable assets, according to Spectrem.
-Jim McConville