The market lost 30-40% last year, if millionaires on average lost less than or equal to that then their FAs did quite well at hedging risk.
Having lots of money doesn't give you finance savvy. They don't understand the markets any more than Joe Shmow. So you can poll untl you're blue in the face, they will always think their people did a bad job in a down market.
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The Weakonomist 1:30PM January 12, 2009