What do millionaires want from advisors?

Survey reveals there is one factor much more important than investment track records and compensation

What do millionaires want from advisors?
Ever wondered what millionaires are looking for from financial advisors? The answer may be simpler than you expect.

According to a survey cited by Millionaire Corner, trustworthiness is the most important factor for millionaire investors: significantly ahead of compensation and investment track record. Indeed the same also applies to other professionals such as accountants and attorneys.

In the survey, 31 per cent of millionaire investors ranked being honest and trustworthy as their top criteria when searching for a financial advisor – by contrast, track record and good referrals earned 17 per cent of the vote each. Meanwhile, just 10 per cent pick an advisor based on their association with an established brand; while another 10 per cent made their choice because of the commissions and fees charged.

Apparently, trustworthiness is also the leading factor in getting referrals. Professionals consider referrals as a service to clients – and any advisor they recommend must be deemed a good match.