NEW YORK ( MainStreet)--As a result of the 2008 financial crisis, the wealthiest Americans among us are more apt to take a team approach when it comes to matters of family money. In a survey of households with more than $5 million in investable assets, nearly half of the respondents (48%) said that family investment and wealth management decisions are now most often discussed and decided as a group. The poll of more than 800 individuals representing individuals or families with an average of $1.2 million in investable assets was conducted by independent research firm Phoenix Marketing International for SEI (NASDAQ:SEIC).
Read: Do Cool Sh*t The study concludes that the financial crisis changed the way families view their investments and make important decisions, and the change is greatest among those with the most wealth. For example, only one-quarter of respondents living in households with between $250,000 and $1 million in investable assets say their family makes decisions more democratically after the crisis. The results point to a growing divide in the behaviors and investment decision-making between different segments of affluent families.
--Written by Hal M. Bundrick for MainStreet