Much of the rise was the result of investment performance, according to Sallenave, who feels larger advisors are also thinking more strategically in terms of their asset allocations.
Larger firms seem to be incorporating more alternative investments into client portfolios, such as hedge funds and private equity, she said. "It's by no means becoming a dominant part of the portfolio, but it is becoming a larger minority than with some of the other firms in the study," she said.
Sallenave adds that it would be wrong for smaller advisors to think that they need $1 billion or more in assets to have the resources needed for proper business planning.
"It is not about bringing in an expensive consultant or shutting down the business to spend a week trying to figure things out," she said. "It's simply about taking the time for the principals to ask themselves, what is most important to us and what will success look like? It doesn't have to cost a penny-it just takes time."
Millionaire Confidence Sags
The confidence millionaires have in their investments underwent its largest decline in more than a year in August, according to the Spectrem Group's Millionaire Investor Confidence Index.
The index fell 11 points, which is its largest decline since June 2009, when the index went down 18 points.
Millionaires were most concerned about the political environment (25%), according to the survey.
"The millionaires' decline is particularly troubling since it suggests millionaires, typically more sophisticated than the broader affluent population, are reverting to a bearish frame of mind," said George H. Walper Jr., president of Spectrem Group.