US financial planners could be in for an unexpected business uptake following the September 11 attacks as high net worth clients seek out professional advice in the wake of the tragedy.
In a survey compiled by The Phoenix Companies and reported on the American magazine Financial Planning’s Web site, 24 per cent of high net worth individuals, or clients with more than $1 million in assets excluding the primary home, said they saw an increased need to rely on professional advisers for financial guidance.
Compare this with the figure in June of 16 per cent and it appears likely that the terrorist attacks in September have driven the wealthier clients closer to their financial advisers.
But according to financial planner F. Dennis Stefano quoted by Financial Planning Interactive, the increased dependence on financial planners started in the northern hemisphere Spring.
“I think September 11 accelerated that notion,” he says.
On other issues explored by the survey, nearly 70 per cent of the 370 high net wealth respondents said they were optimistic about the future of the economy in late September. This was one percentage point higher than their response in June.
However, despite this, 24 per cent of them had become more cautious about proceeding with big-ticket purchases and vacations. In June, this figure stood at 19 per cent.
But the numbers of individuals who thought the worst was already over were not nearly as overwhelming. Only just over half surveyed, or 52 per cent, thought that the worst was behind them, while 32 per cent thought the worst is yet to come.
The Phoenix Companies, which are based in Hartford, Connecticut, surveyed 1013 investors online in June and followed up the survey at the end of September from a sample of 370 original participants.
