Despite some holes in the planning process, 88 percent of respondents consider themselves financially secure and 70 percent feel positive about their financial security in the future, U.S. Trust says. Nearly half feel more financially secure today than they did five years ago, while one quarter feel less secure.

It adds up to a possible false sense of security, the report's authors say.

“The message for financial advisors is that if they are dealing with clients who feel better about themselves, the advisors should probe what is beneath that optimism to see if additional planning is necessary,” says Chris Heilmann, chief fiduciary executive of U.S. Trust Bank of America Private Wealth Management.

For instance, the tax law changes are not understood by many of the wealthy, according to the survey. Fifty-seven percent of respondents say pursuing higher returns regardless of the tax impact is a higher priority than minimizing taxes. However, only 34 percent of respondents feel very well informed about the impact of the tax law changes on their portfolio.

Even among those who use a financial advisor, fewer than one half feel very well informed about the impact of taxes.

Actions Belie Words

Contradictions were also revealed about the use of financial planners. Eighty-eight percent of the parents say their children would benefit from discussions with a financial professional, but only 16 percent have provided, or have plans to provide, their children with formal financial skills training.

Eight in 10 of the wealthy use a financial planner but six in 10 say the planner talks to them about one aspect of their wealth and not all of their wealth needs.

Forty-four percent have a primary financial advisor who has never established a relationship with their spouse and 69 percent have an advisor who has not established a relationship with children or heirs.

“Advisors who are only working with one spouse should be encouraged to work with married couples as couples so that both spouses have a level of understanding about finances,” Heilmann says.