SEI Finds 71% of Wealthy Investors Never Asked to Consolidate Assets Despite 63% Knowing Tax Benefits
Updated
Updated · Wealth Management · Sep 9
SEI Finds 71% of Wealthy Investors Never Asked to Consolidate Assets Despite 63% Knowing Tax Benefits
1 articles · Updated · Wealth Management · Sep 9
Summary
71% of high-net-worth investors told SEI their financial advisor has never asked to manage a larger share of household assets, even though 63% know consolidation can cut taxes.
95% of 518 surveyed advisors said they try to consolidate client assets, yet only 7% said they manage 100% of client assets; 88% of 302 investors said their primary advisor does not manage everything.
37% of advisors blamed weak client interest for limited household portfolio management, while 30% cited inadequate technology and many still handled tax harvesting and withdrawals manually.
39% of investors said diversification across firms keeps them from consolidating, 41% cited fees as the main deterrent, and 34% worried about concentration risk.
46% of investors said tax savings would drive consolidation, and 39% said a personalized estimate of the value would be needed to persuade them.