Filed Under:Life Insurance, Life Planning Strategies

SEI Quick Poll: Most Ultra Wealthy Don't Share Goals With Advisors

Most wealthy individuals believe it is important for their advisors to know all their goals, but only a small percentage say their advisors actually know their financial, business and personal goals.

SEI, Oaks, Pa. (NASDAQ: SEIC), a global provider of investment processing, fund processing, and investment management business outsourcing solutions, published this finding in a summary of results from an industry poll released on Friday. The poll, of nearly 100 individuals representing individuals or families with more than $5 million of investable assets, was carried out by independent research firm Phoenix Capital Research.

The poll reveals that while more than two thirds (67%) of wealthy individuals say it is important or very important for their advisor to know all their goals to be successful, just over a quarter (26%) says their financial advisor actually has that depth of knowledge.

The results point to a hole in the financial discovery process, where most advisors and individuals focus on portfolio objectives rather than broader personal goals, SEI says.

The poll suggests that despite a growing awareness of behavioral finance in recent years that a disconnect remains between wealthy individuals and their advisors in respect to articulating and measuring against financial and personal goals.

The poll shows that one out of five wealthy individuals polled (20%) say their financial goals are known only to themselves. Less than a third of those polled (31%) said their advisor knows about their financial goals.

Still fewer (19%) said their advisor knows their goals and measures against them.

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Nichole Morford

Nichole Morford
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