Millionaires: Recovery just a year away

Millionaire investors plan to increase their exposure to stocks in the next 12 months, according to a survey by Fidelity.

Millionaires: Recovery just a year away
Sue Asci

Despite recent market volatility, millionaire investors still plan to increase their exposure to stocks over the next 12 months, according to a survey released today by Fidelity Investments.
The millionaires expect an economic recovery to begin about a year from now.
The group of more than 1,000 respondents with household investable assets of $1 million or more were surveyed by the Boston-based fund firm in January.
A full 27% of those surveyed said they planned to increase their exposure to stocks, while only 7% planned to decrease it.
Also, 31% planned to allocate more money to fixed income, and 14% said they would move more money into real estate.
Those participating in the second annual survey were less cautious about their economic outlook than a year previously, said Jack Callahan, president of Fidelity Institutional Wealth Services, the division of Fidelity that sponsored the survey.
As for taxes, just over half those surveyed expected federal income, capital gains and dividend taxes to increase in five years.
Further, the majority from 69% to 77%, believed that those increases would influence their investment strategy.
The percentage of respondents using independent advisers also grew to 26%, from 22% a year previously.
Also, 89% reported they were satisfied to very satisfied with their independent adviser.
The number using brokers dropped to 33%, from 35%.
Fidelity has custodied assets of more than $3.2 trillion, including managed assets of more than $1.5 trillion as of March 31.