TY - JOUR T1 - How Families Really Manage Their Wealth JF - The Journal of Wealth Management SP - 11 LP - 18 DO - 10.3905/jwm.2005.598418 VL - 8 IS - 3 AU - Jay L. Zagorsky Y1 - 2005/10/31 UR - https://pm-research.com/content/8/3/11.abstract N2 - The modern personal financial world is quite complex and a great number of stimuli encourage the “wealthy” to turn to professionals for wealth management advice. The author starts with a note pointing to the staggering growth of assets under the stewardship of the wealthy and thus investigates where families turn for financial advice. He then shows how these choices have changed over time and the results of making those choices. He offers three important conclusions. First, richer families are more likely to use professional help than poorer families, and over time more families are moving toward professional assistance. Second, people's financial efforts are backward from what should be expected from wealth maximizers. Third, the different methods of advice impact financial performance. ER -