Déjà Vu All Over Again?

August 2004
Journal of Financial Planning;Aug2004, Vol. 17 Issue 8, p17
Academic Journal
According to the 2004 Phoenix Wealth Survey, sponsored by Phoenix Companies, about half of the 2,804 surveyed U.S. households with a minimum net worth of $1 million make their own investment decisions without consulting financial professionals. The survey also found that one-third of high net worth investors are without a primary financial advisor, an increase of 26 percent from 2003. Although financial advisors with advanced designations are gaining popularity, the survey found that clients are leaving advisors because of unsatisfactory investing strategies and high fees. According to Steve Gresham, chief sales and marketing officer for Phoenix's asset management unit, overconfident and unsophisticated investors are contributing to 1990s investor history repeating itself, when they went on a buying panic, convinced of their own ability to choose the right investments. And, according to Gresham, the survey respondents seem unprepared for retirement.


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