Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, September 24, 2013

Investors Average Nine Financial Advisers

Nine Ball

According to a recent study of families averaging a net worth of $90 million between 2000 and 2009, these ultra-wealthy investors rely on an average of nine financial advisers.  Advisers include “wealth managers from banks, registered investment advisers or a “family office” that manages a wide array of financial matters.”

Following the recent series of investment scandals, many wealthy investors seek comfort through more advice.  And when the wealthy add new advisers, they rarely dump the old ones. 

To avoid competitions to be the top dog (and increasing investment risk), it’s best to name one adviser as the “quarterback” that the others must follow.  It’s also important to consider firing advisers when fees jump, performance is lacking, or an adviser deviates from the agreed-upon strategy. 

See Jason Zweig, Too Much Financial Help?, The Wall Street Journal, Sept. 20, 2013.


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