“That’s a significant change from 20 years ago,” Walper says.
The research, which is updated on a monthly basis, also showed disconnect between what advisors offer and what investors inheriting money want: “Financial planning and wealth transfer advice are the components expected most frequently by investors but not focused on by advisors.”
Who are these wealthy people?
Walper said it is important to focus on their occupations and what they want.
Of the super rich about 40 percent are managers or business owners, and more than half of them are concerned about their health and the health of their spouse, according to Spectrem Group research. Their three top concerns in using their wealth are to maintain their wealth, helping others and the financial situation of their children
What do they want from an advisor?
Some 64 percent of them use an advisor and almost all of them expect their advisor to be a fiduciary. The fiduciary issue “is a huge factor for the client,” Walper notes.
Where do they find help?
The most common way is a referral from a friend or family member, Spectrem Group Research said.
And even though there is a considerable danger of advisors losing clients in the great wealth transfer there is also opportunity for new business.