As the eurozone continues to struggle financially, more high net worth European investors are engaging professional financial planning services, a survey has found.
According to the findings of a survey conducted by Washington DC-based advisory firm CEB (formerly Corporate Executive Board) and reported by the Financial Times, 34 per cent of “wealthy Europeans” either employ a financial adviser or work to a long-term financial plan, up from 29 per cent in 2012.
The survey – which polled more than 1,000 high net worth individuals in France, Germany, Italy, Spain, Belgium, Hungary, Poland, Russia, Sweden and the UK – also found that 40 per cent of consumers polled have expanded their savings or investment pools or increased debt repayments in the first quarter of 2013, indicating a two-year high.
CEB managing director Peter Aykens said the financial situation in the eurozone and its periphery, particularly Cyprus, has sparked the resurgence in demand for planning.
“The euro crisis has triggered heightened proactive financial management among high net worth investors and this is set to continue through 2013,” he said.
“In light of the Cyprus bailout, we anticipate a ‘flight to quality’ as the wealthy scrutinise their providers more closely, gravitating to those who can demonstrate real strength and stability.”
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