For the first time ever, the number of mass affluent investors who are choosing independent financial planners is on par with those using full-service brokers, according to a new report from the Spectrem Group.
In its report, “Mass Affluent Investor 2009,” the Spectrem Group found that the number of mass affluent households using full-service brokers as their primary advisor fell to 22% in 2009 from 30% a year ago. Meanwhile, the number of these investors using independent financial planners as their primary advisor rose to 22% from 20%.
George Walper, Jr., president of Spectrem Group, says that clients are now looking for more than just help with investing; they want someone to help them plan their futures, including their retirements.
“A year ago 99% of Americans said [the economic meltdown] was the biggest event of their lifetimes,” Walper says. “And things haven’t gotten any better. By that I mean they’ve still lost a lot of assets, unemployment is still high. They see this as a complete generational change.”
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Mass Affluent Shift from Brokers to Independent Planners
For the first time ever, the number of mass affluent investors who are choosing independent financial planners is on par with those using full-service brokers, according to a new report from the Spectrem Group.
In its report, “Mass Affluent Investor 2009,” the Spectrem Group found that the number of mass affluent households using full-service brokers as their primary advisor fell to 22% in 2009 from 30% a year ago. Meanwhile, the number of these investors using independent financial planners as their primary advisor rose to 22% from 20%.
George Walper, Jr., president of Spectrem Group, says that clients are now looking for more than just help with investing; they want someone to help them plan their futures, including their retirements.
“A year ago 99% of Americans said [the economic meltdown] was the biggest event of their lifetimes,” Walper says. “And things haven’t gotten any better. By that I mean they’ve still lost a lot of assets, unemployment is still high. They see this as a complete generational change.”