High-net-worth investors - who now say their retirement fears are at an all-time high - are ready to switch advisors for "lack of initiative," according to the recently released 10th annual Phoenix Wealth Survey.
Seventy-three percent said they are receiving professional financial advice, which is a 6-percent jump over last year. But according to Walter H. Zultowski, Ph.D., senior vice president of Research and Concept Development at Phoenix, this number is surprisingly low.
Survey findings show 27 percent of HNW investors do not receive advice from an advisor - a decrease from 33 percent in 2008 - and more than a third do not have a primary financial advisor, down from 41 percent in 2008. Thirteen percent said they expect to find a new advisor in the next 12 months, up from 8 percent in 2008.
More than a third said their advisors are not proactive in maintaining contact. In response to the current conditions, nearly a quarter of investors said they were the ones initiating contact with their advisor. And 51 percent have had no contact.
