An overwhelming 81 per cent of high net worth respondents to a new survey regard life goals such as good health and traveling as “highly important considerations” when developing a financial plan.

However, this segment feel less confident today than they did in 2007 that they will achieve their financial goals, Northern Trust found.

The survey also showed that 59 per cent of HNW investors - defined in this survey as those with at least $5 million in investable assets - said they are willing to pay for advice from a financial advisor.

Among other findings, it emerged that 56 per cent of couples discuss how to manage personal wealth at least once a quarter, while one in five holds jewelry, art and antiques, and other collectibles as part of their portfolio.

Meanwhile, 30 per cent of respondents said they are more inclined to consider alternative investments now than they were five years ago. Among those investors, private equity (35 per cent), managed futures (32 per cent) and REITs (28 per cent) emerged as the top investment alternatives choices. Hedge funds and venture capital followed, at 23 and 17 per cent respectively. Over a quarter (28 per cent) cited limited partnerships as their preferred legal structure for holding these investments.

"While hedge funds can offer accredited investors diversification and other risk management benefits, private equity can enhance return through manager skill in addition to an illiquidity premium," said Katie Nixon, Northern Trust’s chief investment officer for wealth management.

Nixon added: "Whether clients believe they are better off or feel less confident, it is important for them to consider both risk and return when planning for the future."

Northern Trust’s Wealth in America survey of 1,700 wealthy individuals was conducted online by Phoenix Marketing International and NIA Enterprises between November 16 and December 17 2012.