Nearly half of the ultra wealthy, 49 percent, feel cut off from their advisors when making financial decisions, according to a survey by SEI.
Of those surveyed, 39 percent feel most confident getting advice for difficult financial decisions from a wealth advisor, but 57 percent feel their wealth advisor is not giving them all the information they need to assess investment risks.
The survey consisted of responses from 162 individuals representing families with more than $11.8 million in financial assets on average. SEI is a global provider of investment processing, fund processing and investment management business outsourcing solutions.
The survey results point to a lack of communication between the ultra wealthy and their advisors when it comes to the potential risks involved in investment decisions, SEI says.
“The results show that many investors feel isolated when making financial decisions,” says Michael Farrell, managing director for SEI Private Wealth Management. “The challenge is trying to balance the need for external input with clients’ instincts to take the lead on family decisions. It comes down to having frequent and meaningful communication with clients.”
The survey also revealed the ultra wealthy would feel secure if they had double the level of assets they currently have, regardless of their present worth. The amount needed for investors under the age of 50 to feel they have financial security was three times their current net worth.
