Millionaires are feeling better about the economy than they have since 2006, but that doesn't mean they're dancing in the streets, Fidelity says.
On a scale of -100 to 100, Fidelity's latest annual Millionaire Outlook survey clocked in at an impressive -54, or "very weak."
Compared to a reading of -91 two years ago, the mood is a lot better, but Fidelity doesn't expect sentiment to turn actively positive before the fourth quarter.
If millionaires are relatively shielded from the economy's downside by their wealth, readings like this reveal just how dismal the mood is among less affluent Americans, even after several years of headline economic recovery.
One significant point for advisors: the wealthy are now slightly bullish on the stock market after years of negativity.
And in terms of how much wealth it takes to get people to feel comfortable, it seems to vary. Most are happy with around $1.75 million in their portfolios, which could sustainably generate about $70,000 a year in investment income.
But 42% won't be happy until they have $7.5 million or more, which would truly shield just about anyone from almost any economic scenario. If your clients have an extremely low risk tolerance, they may well be in this group -- and in that case, of course, it may be hard for them to accumulate that much wealth without risk.
Either way, an advisor needs to be both sensitive and realistic when dealing with these clients.