The overwhelming majority (85%) of the affluent do not plan to change advisors within the year. This is supported by a Spectrem study (Sept. '06 issue) that shows an equal percentage of the affluent consider themselves “very loyal” people. This high degree of loyalty holds equally true for men, women, all age groups surveyed, and for all affluent income levels.

The Myth Affluent investors want to work with large, well established financial service firms.

The Reality The notion that bigger is better does not necessarily apply to Affluent investors regarding the financial firms they work with. Affluent investors ($500K+ investable assets) differed in their preferences, depending on their age and occupation.

Myth: When choosing a new advisor, investment track record is far more important than any other criteria.

There are several pervasive myths that surround owning your own business; one being that investing everything back into the business is a good way to build wealth.