Abstract
The high net worth market remains as attractive as ever, but is difficult to define, as lines are blurred among the types of money management firms. Major themes in this report include:
- The rich are getting richer, and the wealth market is projected to grow considerably over the next five years
- Individuals at all wealth levels tend to consider themselves financially savvy-only about a third to half of millionaires have a financial advisor
- Money management firms are extending their reach, catering to a broader based clientele, but may be sacrificing distinctiveness in the marketplace
- Across all wealth levels, banks are a preferred place for doing business
- New wealth markets, including women and Hispanics, offer considerable opportunity but must be approached with highly customized offerings
In this report, Mintel examines current trends and opportunities for firms and financial advisors servicing affluent, high net worth and ultra high net worth individuals. The report provides an overview of how firms are approaching this market and what factors are important to investors when selecting a firm. Also extensively analyzed are consumer attitudes toward financial institutions and their preferences among various types of firms, shedding light on how consumers differentiate among different organizations.
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