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Not Just Your Millennial’s Advisor

Not Just Your Millennial’s Advisor

Robos are for everyone. | pxel66/iStock/Thinkstock

A majority of high-net-worth investors feel confident about the U.S economy, with about a quarter saying they’re confident enough to explore online financial advice tools.  While wealthy millennials are still the most likely to use these so-called “robo-advisor” platforms (36 percent), a little less than a third of HNW investors aged 45-54 also report using online advice sites as well, according to Phoenix Marketing International’s Global Wealth Monitor. The report found that about one in five of investors with over $100,000 in investable assets aged 55 and older reported using robo-advisors. 

Hard Work is the Answer

When ultra-high-net-worth investors were asked how they accumulated their millions, only 43 percent attributed decisions made by their advisor. UHNW people cited their own abilities instead, with the top three answers being hard work (96 percent), education (93 percent), and smart investing (90 percent). On the other hand, UHNW were more willing to attribute an advisor than their own family. Only nine percent of the UHNW people surveyed attributed their wealth to family connections, and 29 percent named inheritance as a factor.


Not again. | kieferpix/iStock/Thinkstock

A simple technology issue that you may experience from time to time in your own home is costing traders millions. According to a study from Colt Technology Services, investment banks could be losing up to $5 million in trading revenues per trading desk annually because of connectivity issues. Almost a third of those surveyed said that they have experienced technology issues at least once a fortnight, with nearly half saying that they were missing trading opportunities because of delays in connecting to new markets. Client relationships have suffered as well, especially with those surveyed in Europe and Asia.

Are You Successful? Think Again

Very few financial advisors are likely to be extremely successful, writes Russ Alan Prince for Forbes. He defines successful as having a practice that does an excellent job for its clients and generates significant profits that translate into wealth for the advisor. While multiple surveys show that financial advisors are highly motivated and interested in building successful practices, it's their own actions that get in the way.  "There is a tendency for many of them to do the same things and get the same – often unsatisfying – results," Prince writes.

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