Assets held by American millionaires have declined 30% during the economic crisis, according to a November survey by Spectrem Group.
The Chicago company surveyed members of 750 households worth more than $1 million. Only 36% were pleased with the performance of their financial advisers, it said. It released its report Tuesday.
Fifty-five percent said they were worried they would not have enough assets to maintain their lifestyles, and 95% said they were concerned about a prolonged economic downturn.
"While they blame the government and Wall Street directly for the situation, many millionaires are not happy with their advisers' performance and few say they will increase the work they give to advisors," Catherine McBreen, managing director of Spectrem Group, said in a press release.
Only 14% of those surveyed said they would make more use of financial advisers in the future, and 17% said their portfolios took hits of more than 4%.
