More Millionaires, More DIY-ers
There are a lot of millionaires in the United States. More than ever, in fact, according to recent research published by London-based market research firm TNS. But are they turning to financial advisors for help? Well, yes, and no.
TNS recently reported the number of millionaire households (those with $1 million in net worth, excluding primary residence) has risen for the fourth consecutive year to a record high of 9.3 million — a 5 percent increase from the previous year. California happens to be home to four of the top 10 counties in number of millionaires. See the table below.
But here's the rub: Not only are the rich getting richer; they're getting more independent. Online trading among millionaires who have Internet access rose to 32 percent, a 45 percent jump over the last five years, TNS found. Of those who do not use a financial advisor, 46 percent said, “I feel I do better managing my own money,” while 31 percent said, “the wealth of information [available to me] makes a professional advisor unnecessary.“
Still, it's not all bad news: 60 percent of millionaires continue to obtain investment advice from a professional financial advisor. A recent Investment Company Institute survey also showed most mutual fund investors turn to financial advisors when selecting a mutual fund and drawing up a financial plan.
— CM
| The 10 counties in the U.S. with the highest number of millionaires | Number of millionaire households | Millionaire households as % of total state households | Millionaire households as % of total U.S. millionaire households | |
|---|---|---|---|---|
| 1 | Los Angeles County, CA | 268,136 | 23% | 3% |
| 2 | Cook County, IL | 171,118 | 40 | 2 |
| 3 | Orange County, CA | 116,157 | 10 | 1 |
| 4 | Maricopa County, AZ | 113,414 | 62 | 1 |
| 5 | San Diego County, CA | 102,138 | 9 | 1 |
| 6 | Harris County, TX | 99,504 | 16 | 1 |
| 7 | Nassau County, NY | 79,704 | 13 | 1 |
| 8 | Santa Clara County, CA | 74,824 | 6 | 1 |
| 9 | Palm Beach County, FL | 71,221 | 11 | 1 |
| 10 | King County, WA | 68,390 | 33 | 1 |
| Sourse TNS | ||||
