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Published by: Mintel International Group Ltd.
Published: Dec. 1, 2008 - 76 Pages
Table of Contents
- SCOPE AND THEMES
- What you need to know
- Scope of this report
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- EXECUTIVE SUMMARY
- Industry highlights
- Consumer highlights
- Regulatory and legislative changes
- MARKET SIZE AND FORECAST
- THE GLOBAL WEALTH MARKET
- Key points
- Wealth around the world continues to grow…
- … as does the number of millionaires…
- Figure 1: Number of high net worth individuals worldwide (in millions), 2005-07
- Figure 2: UHNWIs as a percentage of HNWIs, 2008
- … but it is being redistributed
- Figure 3: HNWI Wealth Distribution 2005-2007 by region (US$ trillion), 2005-07
- Figure 4: HNWI population distribution 2005-2007 by region (in millions), 2005-07
- SIZE OF THE U.S. WEALTH MARKET
- Key points
- American millionaire market continues to grow
- Figure 5: Number of millionaire households, 2003-07
- Figure 6: Number of affluent households in U.S., 2001-08
- HNWI wealth has risen dramatically
- Different segments of affluent
- Figure 7: Breakdown of number of affluent households in U.S., 2008
- Figure 8: Income controlled by affluent households in U.S., 2008
- MARKET FORECAST
- Key points
- Figure 9: HNWI financial forecast, 2005-12, by region, 2005-12
- COMPETITIVE LANDSCAPE—THE CUSTOMERS
- Key points
- Who are the wealthy?
- Figure 10: HNWIs by age and work status, by degree of wealth, 2008
- Who the affluent use for advice
- Figure 11: HNW household financial services usage, 2008
- Digital media is not just for kids
- Allocation of assets
- Figure 12: Asset Allocation of HNWIs, 2005-09
- Figure 13: Composition of household securities investments, by household income, 2008
- Generational differences in investing
- Figure 14: How investors of different generations allocate assets, 2008
- COMPETITIVE LANDSCAPE—THE PROVIDERS
- Key points
- The use of advisors
- Figure 15: Who uses financial advisors, September 2008
- Breakdown of financial services providers
- Figure 16: Financial advisor income, by business model, 2007
- Challenges for wealth management firms
- Differentiation is key
- The private banking industry is in flux
- Figure 17: Top 10 private banks based on assets as of June 30, 2008
- Bank of America/Merrill Lynch
- Wells Fargo/Wachovia
- JPMorgan Chase/Washington Mutual
- Goldman/Morgan Stanley
- RIAs
- Figure 18: Time spent with clients, top firms vs. all firms, 2007
- Family offices
- Figure 19: Size of SFOs around the world, 2007
- Figure 20: SFO wealth management objectives, 2007
- Figure 21: Investment objectives of millionaire SFOs vs. billionaire SFOs, 2007
- MARKET DRIVERS
- Key points
- Markets and the economy are down; recession fears are rampant
- The baby boomers are retiring
- The number of financial services companies is shrinking
- Wealth is growing at a faster rate internationally than domestically
- ADVERTISING AND PROMOTION
- Key points
- The internet is the most popular media channel
- Figure 22: Number of hours affluent customers spent with select media, March-June 2008, by HH income
- Advertising messages
- Advertising examples
- igure 23: UBS direct mail advertisement, 2008
- igure 24: Ameriprise direct mail advertisement, 2008
- Figure 25: Direct mail from AXA Equitable Life Insurance, 2008
- Figure 26: 401(k) direct mail piece from Fidelity, 2008
- Figure 27: 401(k) direct mail piece from Vanguard, 2008
- Print ads
- Figure 28: Charles Schwab print advertisement, 2008
- Figure 29: UBS print advertisement, 2008
- Figure 30: Wealth management print advertisement for PNC Wealth Management, 2008
- Figure 31: Fifth Third Bank print advertisement, 2008
- Figure 32: Vanguard Investment services print advertisement, 2008
- Figure 33: MassMutual print advertisement for retirement planning services, 2008
- Figure 34: Ameriprise retirement planning print advertisement, 2008
- Ads for wealth management products
- Figure 35: Variable annuity print advertisement from Prudential, 2008
- Figure 36: Variable annuity print advertisement from Fidelity, 2008
- Figure 37: Ad for exchange traded funds from Vanguard, 2008
- Figure 38: Green investing ad from Morgan Stanley, 2008
- Television ads
- Figure 39: Television advertisement for TD Ameritrade Retirement Planner, 2008
- Figure 40: Television advertisement for Fidelity Investments, 2008
- Figure 41: Television advertisement for UBS, 2008
- Figure 42: Television advertisement for John Hancock, 2008
- PROFESSIONAL ADVISOR USAGE
- Key points
- Who uses professional advisors
- Figure 43: Use of professional advisors, by gender, September 2008
- Figure 44: Use of professional advisors, by age, September 2008
- Figure 45: Use of professional advisors, by region, September 2008
- Figure 46: Use of professional advisors, by household income, September 2008
- Why the majority don’t use advisors
- Figure 47: Reasons respondents don’t use advisors, by gender, September 2008
- Figure 48: Reasons respondents don’t use advisors, by region, September 2008
- CONCERNS ABOUT THE ECONOMY AND IMPACT ON INVESTOR BEHAVIOR
- Key points
- Effect of the economy on investment behavior
- Figure 49: How the economy is affecting investing behavior, by gender, September 2008
- Figure 50: How the economy is affecting investing behavior, by age, September 2008
- Figure 51: How the economy is affecting investing behavior, by household income, September 2008
- Feelings about the economy
- Figure 52: How respondents feel about the economy, net agree, by gender, September 2008
- Figure 53: How respondents feel about the economy, by age, September 2008
- Figure 54: How respondents feel about the economy, by household income, September 2008
- HOW MONEY IS INVESTED AND INVESTMENT GOALS
- Key points
- How is their money invested?
- Figure 55: Share of invested assets held by investment category, September 2008
- Figure 56: Share of invested assets held by investment category, by gender, September 2008
- Figure 57: Share of invested assets held in mutual funds, by gender, September 2008
- Figure 58: Share of invested assets held in retirement accounts, by household income, September 2008
- Figure 59: Share of invested assets held in retirement accounts, by age, September 2008
- Primary investment goals
- Figure 60: Primary investment goals by gender, September 2008
- Figure 61: Primary investment goals, by age, September 2008
- Figure 62: Primary investment goals by household income, September 2008
- APPENDIX: TRADE ASSOCIATIONS
AbstractThis report examines the trends, opportunities and challenges present in the wealth management industry. The high net worth segment is still a profitable one, but success in this segment is more challenging than ever for the providers of wealth management services.
Some of the main themes in this report include:
- High net worth investors are becoming increasingly cautious as the crisis deepens each day
- High net worth individuals are increasingly looking towards their advisors for direction as market volatility and economic uncertainty continue
- The demise of some previously revered investment firms, and consolidation among others, has changed the competitive landscape, and increased competition among remaining providers
- Household wealth is growing faster outside the United States than it is domestically. Most financial institutions are reacting accordingly
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