Among 18- to 35-year-olds with at least $1 million to invest, almost 60% work with a financial adviser, according to a survey by Merrill Lynch Private Banking and Investment Group. Meanwhile, 72% consider themselves self-directed investors. "A lot of investors have the notion that you're either conservative or aggressive; you're self-directed or work with an adviser," said Michael Liersch, Merrill Lynch's director of behavioral finance. "You can be all of the above."

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