According to the Fidelity Millionaire Outlook, a new indicator from the Fidelity Registered Investment Advisor Group, 70% of millionaires have an established relationship with at least one financial professional and about one-third (34%) of those have an established relationship with two or more financial professionals. Respondents said their average length of a relationship is 10 years and the average age they first worked with an adviser was 43.

Of the 30% of millionaires who do not currently use an adviser, 13% said they are likely to get one in the next 12 months. The top reasons were to improve portfolio performance, receive investment recommendations, and get help with comprehensive financial planning.

Independent advisers are used by 22% of respondents, and they hold, on average, 56% of their investable assets – the largest share among any other financial provider. Those who use an independent adviser cite the top 3 reasons as:

• their focus on the client’s interests, not those of the firm (73%),
• their objectivity (68%), and
• they are not pushing a firm’s products (61%).

“Millionaires told us that while they seek control and validation in their investments, they recognize they need help in managing certain aspects of their finances, such as tax advice and charitable giving,” said Jim Dario, executive vice president, Fidelity Registered Investment Advisor Group, in the release.

The national survey was conducted by Burke, Inc. and included more than 2,500 financial decision makers at households with at least $1 million in investable assets, excluding workplace retirement accounts and real estate.