Survey suggests that professionals more likely to seek investment expertise. One of every five professionals whose net worth comes to at least $5 million describe themselves as dependent upon their financial planners or investment advisors, according to a survey by the Spectrem Group, a Chicago-based consultancy that specializes in the retirement, mass-affluent and high-net-worth markets.

Fields of expertise

Taken as a group, only 12% of those with similar levels of affluence -- which Spectrem classifies as ultra high net worth -- make the same claim.

"Professionals clearly place a high value on education and expertise, so it's logical that the wealthiest doctors, lawyers, accountants and dentists would rely more heavily upon financial advisors to handle their investment decisions than individuals in other occupations worth $5 million or more," says Spectrem managing director Catherine McBreen. "These professionals also gravitate more toward independent sources of advice, including independent investment advisors, accountants and independent financial planners."

The Spectrem report UHNW: Understanding Unique Financial Needs of Doctors, Lawyer s and Other Professionals, based on a survey of high-net-worth households late last year, also finds that 26% of professionals use independent investment advisors as their primary advisors, compared to 11% of people in other occupations.

Still, the most popular category of primary advisor for both categories is full service brokers, with slightly heavier usage among those in other occupations (32%) than professionals (30%). Wealthy professionals use accountants more than those in other occupations in (12% as against 6%) -- though you have to wonder if the skew doesn't stem from the inclusion of accountants in the "professional" bracket. -FWR

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