The good news: ultra-wealthy individuals tend to put their trust in wealth managers. The bad news: most, still cautious after the financial meltdown, tend to use multiple advisors.

"Wealthy investors typically have many advisors, including accountants and attorneys," says Michael Farrell, managing director for SEI Private Wealth Management. "Financial advisors can add value by acting as wealth managers. They have to act as co-pilot. In that role, wealth managers can interpret myriad advice from all the other advisors and show the client how to work it into the overall plan."

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