By Christopher Condon
Jan. 6 (Bloomberg) -- Nearly two-thirds of U.S. millionaires say their investment advisers have failed them during the global recession, a survey showed.
Thirty-six percent of respondents said their advisers performed well last year, according to a November poll of 750 U.S. households with more than $1 million in net assets by Spectrem Group. Fourteen percent said they’ll increase their use of financial advisers, the Chicago-based consulting firm said in a statement today.
“While they blame the government and Wall Street directly for the situation, many millionaires are not happy with their advisers’ performance,” Catherine McBreen, a managing director for Spectrum, said in the statement.
U.S. millionaires lost an average 30 percent of their assets last year, with 17 percent of respondents saying their assets declined by 40 percent or more, Spectrem said. The Standard & Poor’s 500 Index dropped 38 percent last year, its worst since 1937, and global stock markets surrendered $28.7 trillion of their value, or 47 percent.
Those polled believe the crisis will last another 22 months, and 55 percent said they worry they won’t have enough assets to maintain their lifestyles, Spectrem said.
To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net
Last Updated: January 6, 2009 09:56 EST
Jan. 6 (Bloomberg) -- Nearly two-thirds of U.S. millionaires say their investment advisers have failed them during the global recession, a survey showed.
Thirty-six percent of respondents said their advisers performed well last year, according to a November poll of 750 U.S. households with more than $1 million in net assets by Spectrem Group. Fourteen percent said they’ll increase their use of financial advisers, the Chicago-based consulting firm said in a statement today.
“While they blame the government and Wall Street directly for the situation, many millionaires are not happy with their advisers’ performance,” Catherine McBreen, a managing director for Spectrum, said in the statement.
U.S. millionaires lost an average 30 percent of their assets last year, with 17 percent of respondents saying their assets declined by 40 percent or more, Spectrem said. The Standard & Poor’s 500 Index dropped 38 percent last year, its worst since 1937, and global stock markets surrendered $28.7 trillion of their value, or 47 percent.
Those polled believe the crisis will last another 22 months, and 55 percent said they worry they won’t have enough assets to maintain their lifestyles, Spectrem said.
To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net
Last Updated: January 6, 2009 09:56 EST
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