Table of Contents
- CHAPTER 1 EXECUTIVE SUMMARY
- Market context
- Competitive Dynamics
- The Future Decoded
- CHAPTER 2 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 3 MARKET CONTEXT
- Introduction
- Key findings
- Just over 20% of the U.S. population is classed as a mass affluent or
high net worth investor
- There were 14 million HNW individuals in the US in 2005
- HNW individuals in the US controlled USD12,717bn in liquid onshore
assets in 2005
- The US high net worth market now exceeds the levels attained before the
market downturn of 2001
- The number of high net worth individuals in the US has grown by 18%
between 2001 and 2005
- The assets held by US high net worths have grown by 23.2% between 2001
and 2005
- Regional income distribution in the US varies significantly
- New Hampshire, New Jersey & Maryland are the richest U.S. states
- Data tables
- CHAPTER 4 COMPETITIVE DYNAMICS
- Introduction
- Key findings
- There are few key competitors in the US HNW market
- Smaller competitors have developed a number of strategies to
differentiate themselves
- Competitor Profile: Citigroup Private Bank
- Citigroup Private Bank is the first company to bring banking, insurance
& investment services to U.S. clients under one umbrella
- Competitor Profile: UBS Wealth Management
- UBS positions itself as the world's leading wealth management firm
- Competitor Profile: Merrill Lynch
- Merrill Lynch has client assets totaling USD1.8tn
- Competitor Profile: JP Morgan
- JP Morgan is one of the leading financial services firms in the world,
with offices in more than 50 countries
- Market Issues
- Regulation had a high impact on competitors in the US HNW market in 2005
- Rule 202 a burden on some banks in the U.S. high net worth market
- Sarbanes-Oxley Act has placed considerable strain on regulatory
compliance and resources in the U.S. high net worth market
- The Patriot Act has added to the regulatory strain placed on U.S. wealth
management firms
- Mergers, acquisitions and consolidation activity was low in 2005
- Structured products were popular among US HNW clients in 2005, although
the way a firm approaches these products is vital to their success
- Tax reductions have stimulated investment market participation
- Acquiring and retaining quality staff continued to be an issue for many
competitors
- There has been more of a focus on client service rather than product
innovation in the U.S. high net worth market
- Lack of scalability is preventing banks from reaching the very richest
clients
- 70% of high net worth households in the U.S. are looking at alternative
assets such as hedge funds
- CHAPTER 5 THE FUTURE DECODED
- Introduction
- Key findings
- The number of HNW individuals in the US is set to increase by roughly
34% by 2010
- Assets held by US HNWs will grow to USD19.2bn over the next five years
- Giving investors access to global investments will affect the market
most over the short term
- Investors may begin to shift to the bigger weath management firms
- World Wealth Report shows that investors are looking to amplify their
global holdings
- U.S. high net worths on average, allocate more than three quarters of
their portfolios to domestic holdings
- Firms will increasingly have to provide a comprehensive wealth
management service
- US wealth management firms anticipate increasing strength of
internet-based and independent firms over the coming year
- The U.S. high net worth industry will see increased consolidation over
the next few years
- U.S. private banking market expected to be hugely profitable over the
next decade
- Leveraging links with communities, marketing to new sectors and building
a network of experts identified as key challenges for the U.S. wealth market
- The "Baby Boomer" population is expected to be a rich source
of future revenue for U.S. wealth management firms
- Data tables
- APPENDIX
- Definitions
- CAGR
- Mass Affluent
- High net worth (HNW)
- Liquid assets
- Liquid asset bands
- Research methodology
- Further Reading
- Global Wealth Management SPP
- Interactive Databases
- Market Reports
- Strategic Insight Reports
- Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP
- Datamonitor's Global Wealth Model
- The UK sub model
- Forecasting methodology
- SPP writing team
- List of Tables
- Table 1: US: Number of mass affluent and high net worth individuals,
segmented by asset band, USD, 2001 - 2005
- Table 2: US: value of aggregate liquid wealth, segmented by asset
band, USD, 2001-2005
- Table 3: US: value of aggregate liquid wealth, segmented by asset
band, USD, 2001-2005
- Table 4: Three-year average median household income by state, 2002-2004
- Table 5: US: Forecast number of mass affluent and high net worth
individuals, segmented by asset band, USD, 2006 - 2010
- Table 6: US: forecast value of aggregate liquid wealth, segmented by
asset band, USD, 2006-2010
- List of Figures
- Figure 1: The highest levels of liquid wealth among high net worth
individuals are to be found in the highest and lowest asset bands
- Figure 2: The number of U.S. high net worth individuals is expected to
grow by nearly 50% over the next five years
- Figure 3: Over half of American high net worth individuals have
between USD300-500k in liquid assets
- Figure 4: The highest levels of liquid wealth among high net worth
individuals are to be found in the highest and lowest asset bands
- Figure 5: The vast majority of U.S. high net worth individuals have
held liquid wealth in the lowest two asset bands since 2001
- Figure 6: U.S. high net worth individuals have in general held the
most liquid wealth in the highest and lowest asset bands since 2001
- Figure 7: Households in New Hampshire, New Jersey and Maryland have
the highest median income averaged over three years, 2002-2004
- Figure 8: The number of U.S. high net worth individuals is expected to
grow by nearly 50% over the next five years
- Figure 9: Liquid assets held by high net worth individuals in the U.S.
is expected to grow by nearly 50% over the next five years
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