How Many Millionaires Use Financial Advisors?

May 6, 2024 | Financial, Marketing

Marketing Blog

In a world where financial security is a top priority, wealthy Americans set the bar high when managing their money. According to a recent survey by Northwestern Mutual, the $1 million demographic approaches financial planning with a level of seriousness and discipline that sets them apart. So, just how many financial advisor millionaire clients are there? And how can successful financial advisors market to them? Let’s find out.

Minding Money with Long-Term Vision

One of the standout findings from the study is that an overwhelming 84% of wealthy individuals have a long-term financial plan. Wealthy clients of financial advisors overwhelmingly plan to navigate the inevitable ebbs and flows of economic cycles. This significantly contrasts the general population, where only 52% have a similar long-term financial strategy. The wealthy, it seems, are keenly aware of the need to prepare for both the good times and the challenging periods.

Financial uncertainty is up in 2023, and the question for many Americans is what to do about it. The good news is many are taking action to plan and tapping advisors for help in an increasingly complex financial environment so that they can reach their goals."

The Role of Financial Advisors and Benefits of Financial Advisor Marketing

When seeking guidance, the wealthy turn to financial advisors at a much higher rate. The study reveals that 70% of millionaires work with a financial advisor, compared to just 37% of the general population. Moreover, over half (53%) of wealthy individuals consider their financial advisors their most trusted source of financial advice. Spouses or partners come in a distant second at 11%, followed by business news at 10%.

For financial advisors, this presents a significant opportunity. Marketing to affluent clients requires a nuanced approach that highlights the benefits of their services. By showcasing expertise, personalized strategies, and a track record of success, financial advisors can attract better millionaire prospects. Establishing a strong online presence through a professional website, social media, and thought leadership content can enhance credibility and reach. Additionally, networking within affluent communities and forming strategic partnerships, such as estate attorneys and accountants, can lead to valuable referrals.

Areas for Improvement and Attracting Financial Advisor Millionaire Client

Interestingly, even financial advisor millionaire clients are open to improvement. Nearly half (47%) of millionaires acknowledge a concern that their financial planning could be better. This approach to wealth management highlights their commitment to continuous growth and optimization of their financial strategies. Additionally, a third of wealthy individuals express concerns about the possibility of outliving their savings, indicating a keen awareness of the need for careful planning and foresight. Financial advisors are a crucial necessity for the wealthy and millionaires.

For financial advisors looking to attract millionaire clients, demonstrating a proactive and holistic approach to financial planning is key. This includes offering comprehensive services such as retirement planning, tax optimization, estate planning, and investment management. Hosting educational seminars or webinars on topics of interest to wealthy individuals, such as wealth preservation strategies or alternative investments, can showcase expertise and attract affluent prospects. By positioning themselves as trusted advisors who can help navigate the complexities of wealth, financial advisors can appeal to the discerning needs of millionaire clients.

Aim Beyond Today

Aditi Javeri Gokhale, Chief Strategy Officer at Northwestern Mutual, sheds light on the mindset of the wealthy, stating, “Wealthy people hold themselves to an exceptionally high standard when it comes to managing their finances. They don’t go on autopilot. Instead, they aim to see well beyond today. That includes the possibility of twists and turns in their financial lives.” This forward-thinking approach emphasizes the importance of adaptability and resilience in facing financial uncertainties.

For financial advisors, aligning with this forward-thinking mindset is essential. By offering innovative financial solutions, staying abreast of market trends, and providing personalized guidance tailored to each client’s unique goals and circumstances, advisors can help their millionaire clients navigate the ever-changing financial landscape. Building long-term relationships based on trust and results is the cornerstone of success.

How Much Money Are You Missing Out On?

The average financial advisor is overlooking an additional $53M in growth potential each year. Our expert marketing consultants can crunch your current workload and marketing and come up with a realistic growth assessment review. And, we can tell you what marketing solutions and event schedules are ideal to get you where you want to be. 

Insights from the Study

The 2023 Planning & Progress Study, conducted by the Harris, surveyed 2,740 U.S. adults. With oversamples of Gen Z and high-net-worth individuals with assets exceeding $1 million, the study offers valuable insights into this affluent demographic’s financial habits and attitudes.


In conclusion, the study by Northwestern Mutual paints a portrait of wealthy Americans as active, disciplined long-term planners who take little for granted regarding their finances. Their high engagement rate with financial advisors reflects a commitment to seeking expert guidance. At the same time, their acknowledgment of areas for improvement demonstrates a willingness to continuously refine their financial strategies. As they navigate the complexities of wealth management, these individuals remain focused on the future, prepared for whatever financial twists and turns come their way.

The findings from this study serve as a reminder that financial planning is not a one-time event but an ongoing journey toward financial security and peace of mind. As a financial advisor, diligent planning and long-term vision can help you acquire more financial advisor millionaire clients and pave the way to greater success. If you’re interested in speaking with a marketing expert about growing your financial business, sign up for a free consultation today. 

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