The wealthiest doctors, lawyers and other professionals in the United States are nearly twice as dependent upon financial advisors as Ultra High Net Worth individuals in other occupations, according to new research from Spectrem Group.

More than one-fifth (21%) of Ultra High Net Worth professionals (those with a net worth of US$5 million or more, not including primary residence) consider themselves “advisor dependent.” This compares with just 12% of other occupations in the same wealth category, according to a new Spectrem report.

In addition, a far higher percentage (26%) of UHNW professionals use independent investment advisors as their primary financial advisors than UHNW individuals in other occupations (11%).

“Professionals clearly place a high value on education and expertise, so it’s logical that the wealthiest doctors, lawyers, accountants and dentists would rely more heavily upon financial advisors to handle their investment decisions than individuals in other occupations worth US$5 million or more. These professionals also gravitate more toward independent sources of advice, including independent investment advisors, accountants and independent financial planners. For the financial services industry, there is a great opportunity to make inroads with wealthy professionals, who obviously value similar professional qualities in their advisors,” says Catherine McBreen, managing director of Spectrem Group.

The most popular category of primary advisor for both Ultra High Net Worth categories is full service brokers, with heavier usage on the part of other occupations (32%) than professionals (30%). Wealthy professionals are more interested than the other occupations in accountants (12% vs. 6%) and independent financial planners (9% vs. 8%).

The Spectrem report is based on a late 2006 survey of 523 Ultra High Net Worth households, defined as those with a net worth of US$5 million or more, not including primary residence. The data have a margin of error of plus or minus 4.3 percentage points.