Millionaires shun accountants' advice
Only 23% of millionaires turn to their accountants for investment tips preferring the services of newspapers to those of financial advisers.
And in a further blow to the profession, only 7% of the ultra wealthy considered accountants as ‘important’ or ‘influential’.
These were the findings of Tulip Financial Research, which said the finance sections of newspapers are the most popular source of advice, used by 42% of millionaires as their primary source of information.
Independent financial advisers came in second with 38% using their tip-offs.
John Clemens, managing director of Tulip Financial research said: ‘This confirms that millionaires are not well-served by financial institutions,’ adding that it shows the rich prefer to use their own judgement.
The research also found brand recognition is important, as the most popular fund managers used by the wealthy have advertising budgets of over £1m a year.