Wealthier investors have a better grasp of what wealth management services are and should be, according to a Spectrem report.
Spectrem’s Ezine Wealth Management reveals that although 70% of all investors claim to be familiar with the term "wealth management", 81% of ultra-high-net-worth investors (with a net worth between US$5 million and US$25 million Not Including Primary Residence) are familiar with the term to just 59% of Mass Affluent investors (with a net worth between US$100,000 and US$1 million NIPR).
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Ultra-high-net-worth investors are also more likely to think positively about the term "wealth management." Asked to impression of the term on a sliding scale, with "0" as negative and "100" as positive, the ultra-high-net-worth investors tagged it at 67.22 while the Millionaire investor (with a net worth between US$! Million and US$5 million) had it at 64.81 and the Mass Affluent investor had it at 63.65.
Sixty-five percent of ultra-high-net-worth investors agreed or strongly agreed with the idea that wealth management services were appropriate for them, while only 53% of Millionaires agreed with that statement.
Only 10% of the ultra-high-net-worth investors disagreed with the statement.
The wealthiest investors also seem to understand the need to pay for wealth management services. Asked to respond to the sentence "Wealth Management makes me believe I am paying too much for the services", 28% disagreed. Only 21% of Millionaires disagreed.
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By GlobalDataThe wealthiest investors are far more likely than the other wealth segments to receive their wealth management services from a bank (19%) or a brokerage firm (34%). The Mass Affluent and Millionaire investors were far more likely to receive wealth management services from a financial planning firm.
