Nearly half (46%) of the very rich believe they have to go to several different firms for their financial needs.

Research shows very rich individuals, defined as those who have a net worth of at least $5 million, typically work with an attorney, an accountant, a financial advisor and multiple investment managers.

The need to work with specialists at multiple firms increases with wealth, climbing from 43% of those who have a net worth of $5 million to $10 million to 52% of those who have a net worth of more than $25 million.

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More than one-third (38%) of the very rich would prefer, however, to work with fewer firms. That notion is particularly appealing to those individuals who have a net worth of $10 million to $25 million; 46% of them say they are looking to reduce the number of financial firms with which they work.

Indeed, the very rich are showing increasing interest in the concept of a primary financial advisor who would coordinate on their behalf the services performed by an assortment of specialists.

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