Affluent and ultra-high-net-worth people are more likely to increase their use of discount brokers and accountants during the next 12 months than their use of independent financial planners, says a new survey by Spectrem Group.
Among respondents in the combined pool of affluent individuals (at least $500,000 in investable income, excluding their primary residence) and ultra-high-net-worth individuals (at least $1 million in investable income), 30% said they will increase their use of discount and online brokers, and 23% plan to do so with accountants. Just 19% plan to give additional business to independent financial planners.
Next on the list were attorneys (18%), full-service brokers (17%) and mutual fund companies (15%).But breaking out preferences among the two groups reveals several differences. According to Spectrem, the ultra-high-net-worth crowd sees online brokers as offering the most innovative products and services and private banks as providing the most personalized service. Among affluent folks, they believe mutual fund companies have the most innovative products and services, and that accountants and attorneys provide the most personal service. In both groups, investment managers and full-service brokers are seen as having the most talented advisors.