Even the rich need to lean on advisors for help with long-term-care issues, according to a new report.
Ultra-high-net-worth individuals, those with $5 million to $25 million in investable assets, say they will seek advice about long-term-care planning (14 percent), establishing an estate plan (11 percent) and implementing tax-advantaged financial strategies (10 percent), according to a new Spectrem Group report.
UHNW individuals are more likely to seek advice from financial advisors than the mass affluent (those with $100,000 to $1 million) or millionaires (those with $1 million to $5 million in investable assets), says Spectrem, a financial research organization.
UHNW investors have some of the same issues as those with less money, Spectrem says.
Seventy-three percent of UHNW investors receive advice from an advisor about selecting individual stocks and bonds. The majority of the mass affluent, who are most likely to identify themselves as self-directed investors, say they do not need this type of advice.
Thirty percent of the mass affluent say they want advice about long-term-care planning; just as many also want help with estate plans.
Twenty-five percent of the millionaire households indicate they are most likely to seek advice about establishing an estate plan, long-term-care planning and establishing retirement income streams. They are more likely than their less wealthy counterparts to already have started this process.
