Affluent investor sentiment has hit a new low, according to a survey released this week.

In its monthly poll of private investors with at least $100,000 in financial assets, Citigroup Smith Barney found that only one-quarter believe the investment climate is better now than it was a year ago. This reflects a drop of more than 20 percentage points from January. Similarly, the number of respondents who say their investments exceeded expectations over the past year dropped by nearly half. Only 23 percent reported their portfolios exceeded expectations, down from 44 percent in June. Investors also showed a pessimistic outlook; only 28 percent foresee better returns one year from now.

The survey also asked respondents about plans to protect assets when they die. While 71 percent of affluent investors have a will, only 52 percent have a living will and only 45 percent possess a power of attorney. Nearly half of respondents under 55 years of age do not have a will, saying simply that they “haven’t gotten around to it.”

Financial investments are the most prized components of intergenerational wealth. Nearly 67 percent say they kept inherited stocks, bonds or mutual funds. Real estate was less important; 70 percent reported they sold inherited real estate right away.

If they were to leave an inheritance of their own, three-quarters of respondents would keep assets within the family. Providing for an heir’s college education was the most important priority, followed by improving their heirs’ lifestyle and helping charitable causes.

The Affluent Investor Poll was conducted between July 8 and July 25. Investors with $1 million or more represented 43 percent of those surveyed.

—Tim Chan