Where your clients live could influence how they view advisors and investing, according to Randy Wostratzky, director of Spectrem Group, a consulting and research organization in Lake Forest, Ill.

Different attitudes prevail in various areas of the U.S., Wostratzky said regarding a Spectrem report released this summer called “Regional Influences on Investor Decisions.”

For instance, investors in the Midwest have the highest usage of advisors. Investors on the Pacific Coast are most concerned about the political climate of the nation, while terrorism worries investors in the Northeast, according to the data.

The information was compiled from more than 8,600 people across the U.S. with at least $100,000 in investable assets.

Some of the differences, such as the number of people who use advisors, may be due in part to the differences in the cost of housing. Investors in the Midwest spend less on housing than those on the coasts and have more to invest. Therefore, they may want to use advisors to help them manage their investments, Wostratzky says.

“Investors in other places, like the Pacific Coast, feel they can do a better job on their own,” he adds.

“Advisors can use this kind of information in the day-to-day management of their practices,” Wostratzky says. “If a client moves, it may change his or her perspective. These differences need to be talked about so advisors can see what part they can play in clients’ lives.”

Fifty-three percent of Pacific Coast investors who do not have an advisor say they can do a better job of investing than a professional, while half of Midwestern investors say they do not believe a financial advisor is looking out for their best interests.

“One of the most interesting responses from the regional perspective is how investors feel their wealth was created,” the report says. “For example, while 96% of Mountain West investors point to hard work, only 89% of Pacific Coast investors feel that way. Thirteen percent of Northeast investors point to family connections, compared to just 5% of Midwestern investors. Eighty-four percent of Midwestern investors point to frugality as a wealth creator compared to just 67% of investors from the Northeast, and 83% of investors from the South credit smart investing.”

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