Rich Investors Playing a More Active Role in Financial Planning

Wealthy clients are becoming more savvy about investment opportunities, and that’s leading to a more collaborative relationship between them and their advisors, according to a Spectrem Group study.

Wealthy clients are becoming more savvy about investment opportunities, and that’s leading to a more collaborative relationship between them and their advisors, according to a Spectrem Group study.

The study shows that in these days of instant financial data and the proliferation of user-friendly Internet tools, rich investors are taking a more active role, says Spectrem, a Chicago consulting firm.

The study, titled Attracting High Net Worth Clients: The Changing Client-Advisor Relationship, found that two-thirds of affluent investors use the services of professional financial advisors. But they don’t want to just blindly delegate planning responsibility, says Spectrem director Scott Slater.

Investors tend to fall into four distinct categories, says Slater: advisor dependent, event driven, advisor assisted, and self directed.

There has been a "significant impact on how financial providers build and manage their practices," says Slater.

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