The Private Wealth Management Survey is conducted annually by FOX and The University of Chicago Booth School of Business and samples alumni of Chicago Booth’s Private Wealth Management course, a four-day program offered in downtown Chicago for high net worth individuals and families. This year’s study included a look at the staff wealthy families rely on to support their investment activities. The study found that the median advisor team size was four professionals with most families opting to manage their advisors themselves as opposed to employing an external party to provide integrated wealth advice. 

Attorneys and accountants were most common professionals on their advisor teams. Investment and wealth advisors come next on the list. Respondents indicated that they intended to make fewer changes to their advisor teams in 2014. Sixty-five percent hired or fired an advisor in 2013 (investment advisors topped the list of new hires), while only 27% plan any changes this year. 

Fifty-one percent of this year’s participants had more than $26 million in investable assets and 49 percent had $25 million or less, thus the study provides key insights on the wealth management practices of the emerging wealthy.

Infographic: The Private Wealth Management Supporting Cast