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Millionaires Ahoy!

Financial Planning, June, 2008 by Elizabeth O'Brien

Independent advisors who are looking to snag more millionaire clients should focus their efforts on prospects who do not already have a registered investment advisor (RIA), according to a new study by Fidelity Investments. Nearly nine in 10 (89%) survey respondents reported being satisfied or very satisfied with their independent advisor. The survey defined millionaires as those with at least $1 million in investable assets, not including workplace retirement assets or primary residence. It defined independent advisors as RIAs.

Millionaires tend to be more loyal clients than their less-monied counterparts, says Gail Graham, executive vice president of Fidelity Institutional Wealth Services. The survey found that more than one-third of the millionaire respondents still...

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