Another Survey Looks at the High Net Worth Market

Not to be outdone by Northern Trust, whose wealth survey we mentioned recently, Fidelity has conducted a survey of millionaire investors.

As reported here, Fidelity finds (as did Northern) that about a third of millionaire investors are self-directed and have no hired or commissioned adviser.

A new business opportunity? Maybe. But if you believe Northern's findings, your chances are better if you're a traditional broker, and you'll probably need the benefit of a referral:

Traditional, full-service broker firms remain the provider of choice for millionaires. Forty percent of millionaire investors consider a full-service brokerage to be their primary provider, up seven percentage points from the previous year. Online or discount brokers are a distant second as primary provider. Relationships, in the form of referrals or a previous relationship within the firm, are the key reason for beginning the relationship with full-service brokers and most other providers.

Millionaire investors have complex needs and embrace advice, as nearly six in 10 can best be described as “advisor-oriented,” meaning having either a collaborative or discretionary relationship with their primary advisor. Nearly one-quarter prefer to use an advisor as needed for selected financial events, but do not have an ongoing advisory relationship. Two in 10 millionaire households are primarily selfdirected.