The majority of the ultra wealthy rely on their financial advisors for advice, but a majority also take an active role in handling their own investments, according to a recent study by Spectrem Group.
Almost 60% of those with more than $25 million in net worth spend at least six hours a week working on their investments and 21% spend 20 or more hours on it, Spectrem said in a recent report.
At the same time, 71% are doing some of their own investing and do no want to give it up.
Most of these investors (73%) cite their financial advisors as a primary source for financial information-more than any other source cited. Other sources of information listed were the daily (59%) and weekly (34%) financial press, Web sites (38%) and cable TV news (38%).
There are 107,000 households in the U.S. with net worths of at least $25 million at the end of 2011. Fewer than one third inherited their wealth, while 27% are business owners. More than half are still working, while 21% are semi- retired.
-Karen DeMasters