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High Net Worth Women - US - December 2014

“More women are holding leadership positions in corporations, which helps them contribute financially to their household. Nonetheless, they continue to fulfill their traditional duties of caring for their family. Consequently they need a financial provider who can understand their unique situation and be a partner in helping them manage it all.”
– Monica Staco, Financial Services Manager

This report answers the following key questions:

  • Is there a true need to focus on HNW women?
  • Are women really different from men when it comes to finances?

The number of women earning a six-figure salary is increasing, and even among dual household income earners, about 29% of women make more money than their husbands. The number of female millionaires in the US is estimated at about 1.3 million, pointing to a significant opportunity for the FSI (financial services industry) to cater specifically to this target’s needs. This report will assess the factors driving women’s financial power, the role they play in their household’s financial decision-making process, and the concerns they have as their wealth increases.

HNW (high net worth) women are collaborative in their approach to working with financial advisers. Half of the women rely on their adviser for specialized needs or to consult on an important decision they are considering. This report will discuss the dynamic of the relationship with financial advisers, and make recommendations on best ways to attract and retain HNW women clients. Lastly, considering 64% of HNW women do take calculated risks when investing to make money, their asset allocation and investment product preferences will be covered along with the products they want to invest in in the future. Based on their current financial services usage, opportunities for FS (financial services) growth will be highlighted.

For the purposes of this report, Mintel has used the following definitions:

  • Affluent individual - Individual with investable assets between $500,000 and $999,999.
  • HNW individual - Individual with at least $1 million in investable assets.
  • Household wealth - Household’s investable assets.
  • Investable asset - All assets that are monetized or liquid – exclude the value of primary residence, collectibles, real estate investments, consumables, and consumer durables.
  • Net worth-  All investable assets as well as the value of the primary residence, other real estate holdings, collectibles, business ownerships, or assets in any employer-sponsored savings or retirement plans including 401(k) plans.
  • Wealthy women - Affluent and HNW women combined.

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Consumer survey data
            • Direct marketing creative
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                  • Executive Summary

                      • The market
                        • The consumer
                          • HNW women
                            • Affluent women
                              • What we think
                              • Issues and Insights

                                  • Is there a true need to focus on HNW women?
                                    • The issues
                                      • The implications
                                        • Are women really different from men when it comes to finances?
                                          • The issues
                                            • The implications
                                            • Trend Application

                                                • Trend: The Unfairer Sex
                                                  • Trend: Return to the Experts
                                                  • Market Size

                                                    • Key points
                                                      • Market definition
                                                        • Market size
                                                          • Figure 1: Annual income of $150,000 or more, by gender, 2013
                                                      • Market Drivers

                                                        • Key points
                                                          • More women are college educated
                                                            • Figure 2: Percent of students enrolled and graduated from degree-granting institutions, by gender, 2013
                                                          • Women are increasing their annual income
                                                            • Figure 3: Individuals with annual income of $150,000 or more, by gender, 2003-13
                                                            • Figure 4: Percent of wives earning more income than their husbands, 2003-12
                                                          • Increase in number of women in corporate executive positions
                                                          • Leading Companies

                                                            • Key points
                                                              • Merrill Lynch
                                                                • Fidelity
                                                                  • Feliciano Financial Group
                                                                  • Innovations and Innovators

                                                                    • Key points
                                                                      • Overview
                                                                        • Tiffany
                                                                          • Patek Phillippe
                                                                            • Automotive
                                                                              • Harrods
                                                                              • Marketing Strategies

                                                                                • Overview of FSI marketing
                                                                                  • Theme: Empowerment
                                                                                    • Citibank
                                                                                      • Figure 5: Citibank, print ad, 2013
                                                                                    • Community Bank
                                                                                      • Figure 6: Community Bank, online ad, 2014
                                                                                    • Fidelity
                                                                                      • Figure 7: Fidelity, webcast invitation, 2014
                                                                                    • Theme: Wealth preservation
                                                                                      • Merrill Lynch
                                                                                        • Figure 8: Merrill Lynch, online ad, 2014
                                                                                      • Bessemer Trust
                                                                                        • Figure 9: Bessemer Trust, print ad, 2014
                                                                                      • Theme: Family
                                                                                        • Bank of the West
                                                                                          • Figure 10: Bank of the West, online ad, 2014
                                                                                        • Citibank
                                                                                          • Figure 11: Citibank, online ad, 2014
                                                                                      • Demographic Profile of HNW Women

                                                                                        • Key points
                                                                                          • Demographic profile of HNW and affluent women
                                                                                            • Figure 12: Age, by investable assets, October 2014
                                                                                            • Figure 13: Household net worth and income, by investable asset, October 2014
                                                                                        • Communication Habits of Wealthy Women

                                                                                          • Key points
                                                                                            • Device ownership
                                                                                              • Figure 14: Wealthy women device ownership, by age, October 2014
                                                                                            • Frequency of website activities
                                                                                              • Figure 15: Wealthy women frequency of web activities, October 2014
                                                                                              • Figure 16: Wealthy women frequency of web activities, by age, October 2014
                                                                                            • Social media sites usage
                                                                                              • Figure 17: Wealthy women frequency of social media use, by age, October 2014
                                                                                          • Financial Concerns of HNW Women

                                                                                            • Key points
                                                                                              • HNW women are concerned about preserving their wealth
                                                                                                • Figure 18: Wealthy women greatest financial concern, by household investable assets, October 2014
                                                                                              • Women aged 18-54 have several concerns for the upcoming year
                                                                                                • Figure 19: Wealthy women greatest financial concern, by age, October 2014
                                                                                            • Financial Decision Making of Wealthy Women

                                                                                              • Key points
                                                                                                • Wealthy women acquired their wealth through hard work
                                                                                                  • Figure 20: Wealthy women sources of wealth, by age, October 2014
                                                                                                • Wealthy women make their household’s financial decisions
                                                                                                  • Figure 21: Wealthy women financial decisions owner, by investable assets, October 2014
                                                                                                  • Figure 22: Wealthy women financial decisions owner, by age, October 2014
                                                                                                  • Figure 23: Wealthy women’s attitudes toward FS, by age, October 2014
                                                                                                • Wealthy women use credit cards for large ticket items purchases
                                                                                                  • Figure 24: Wealthy women’s methods of payment by type of items, December 2014
                                                                                                • Correspondence analysis – methodology
                                                                                                • Investment Products Ownership

                                                                                                  • Key points
                                                                                                    • Investment attitude of wealthy women
                                                                                                      • Figure 25: Wealthy women’s attitudes toward investment, by age, October 2014
                                                                                                    • Wealthy women are risk tolerant
                                                                                                      • Figure 26: Wealthy women investment product ownership, by age, October 2014
                                                                                                    • Younger women matching their investment to their values
                                                                                                      • Figure 27: Wealthy women investment product ownership, by age, October 2014
                                                                                                  • Financial Services Usage

                                                                                                    • Key points
                                                                                                      • Wealth transfer planning is underutilized
                                                                                                        • Figure 28: Wealthy women service usage and interest, by investable assets, October 2014
                                                                                                      • Women are aware of their financial challenges
                                                                                                        • Figure 29: Wealthy women’s attitudes toward financial services, by age, October 2014
                                                                                                      • Wealthy women’s future interest in financial services
                                                                                                        • Figure 30: Wealthy women service usage and interest, by age, October 2014
                                                                                                    • Working with Financial Advisers

                                                                                                      • Key points
                                                                                                        • HNW women collaborate with their financial advisers
                                                                                                          • Figure 31: Wealthy women use of financial advisers, by investable assets, October 2014
                                                                                                          • Figure 32: Use of financial advisers, by age, October 2014
                                                                                                        • HNW women prefer working with one adviser
                                                                                                          • Figure 33: Wealthy women average number of adviser used, by investable assets (mean), October 2014
                                                                                                        • Preferred mode of interaction
                                                                                                          • Figure 34: Wealthy women preferred channel of communication by information type, October 2014
                                                                                                      • Satisfaction and Selection of Financial Advisers

                                                                                                        • Key points
                                                                                                          • Satisfaction with FS providers
                                                                                                            • Figure 35: Wealthy women satisfaction with service providers, by age, October 2014
                                                                                                          • Collaboration and trust are crucial to wealthy women
                                                                                                            • Figure 36: Wealthy women’s attitudes toward financial services providers, by age, October 2014
                                                                                                          • Integrity is a key factor in selecting providers
                                                                                                            • Figure 37: Wealthy women criteria to select new provider – top three, by age, October 2014
                                                                                                          • Peer reviews and referrals matter
                                                                                                            • Figure 38: Wealthy women’s attitudes toward FS, by age, October 2014
                                                                                                        • Appendix – Other Useful Consumer Tables

                                                                                                          • Frequency of web activities
                                                                                                            • Figure 39: Frequency of web activities, October 2014
                                                                                                            • Figure 40: Frequency of web activities, by age, October 2014
                                                                                                            • Figure 41: Frequency of web activities, by age, October 2014
                                                                                                            • Figure 42: Frequency of web activities, by household investments, October 2014
                                                                                                            • Figure 43: Frequency of web activities, by device owned, October 2014
                                                                                                          • Frequency of social media activities
                                                                                                            • Figure 44: Frequency of social media activities, October 2014
                                                                                                            • Figure 45: Frequency of social media activities, by age, October 2014
                                                                                                            • Figure 46: Frequency of social media activities, by age, October 2014
                                                                                                            • Figure 47: Frequency of social media activities, by household investments, October 2014
                                                                                                            • Figure 48: Frequency of social media activities, by device owned, October 2014
                                                                                                          • Device ownership
                                                                                                            • Figure 49: Device owned, October 2014
                                                                                                            • Figure 50: Device owned, by age, October 2014
                                                                                                            • Figure 51: Device owned, by household investments, October 2014
                                                                                                            • Figure 52: Greatest financial concern in a year, by device owned, October 2014
                                                                                                            • Figure 53: Criteria to select new provider, by device owned, October 2014
                                                                                                            • Figure 54: Device owned, by age, October 2014
                                                                                                          • Sources of wealth
                                                                                                            • Figure 55: Sources of wealth, October 2014
                                                                                                            • Figure 56: Sources of wealth, by age, October 2014
                                                                                                            • Figure 57: Sources of wealth, by age, October 2014
                                                                                                            • Figure 58: Sources of wealth, by household investments, October 2014
                                                                                                            • Figure 59: Sources of wealth, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                          • Financial decisions process
                                                                                                            • Figure 60: Financial decisions owner, October 2014
                                                                                                            • Figure 61: Financial decisions owner, by age, October 2014
                                                                                                            • Figure 62: Financial decisions owner, by age, October 2014
                                                                                                            • Figure 63: Financial decisions owner, by household investments, October 2014
                                                                                                          • Relationship with financial adviser
                                                                                                            • Figure 64: Use of financial advisers, October 2014
                                                                                                            • Figure 65: Financial decisions owner, by age, October 2014
                                                                                                            • Figure 66: Financial decisions owner, by age, October 2014
                                                                                                            • Figure 67: Financial decisions owner, by household investments, October 2014
                                                                                                          • Financial adviser usage
                                                                                                            • Figure 68: Average number of adviser use, October 2014
                                                                                                            • Figure 69: Average number of adviser use, by household investments, October 2014
                                                                                                            • Figure 70: Average number of adviser use, by household investments (mean), October 2014
                                                                                                          • Mode of communication
                                                                                                            • Figure 71: Preferred channel of communication by information type, October 2014
                                                                                                            • Figure 72: Preferred channel of communication by information type, October 2014
                                                                                                            • Figure 73: Preferred channel of communication by information type, by age, October 2014
                                                                                                            • Figure 74: Preferred channel of communication by information type, by age, October 2014
                                                                                                            • Figure 75: Preferred channel of communication by information type, by household investments, October 2014
                                                                                                          • Investment product ownership
                                                                                                            • Figure 76: Investment product ownership, October 2014
                                                                                                            • Figure 77: Investment product ownership, by age, October 2014
                                                                                                            • Figure 78: Investment product ownership, by age, October 2014
                                                                                                            • Figure 79: Investment product ownership, by household investments, October 2014
                                                                                                            • Figure 80: Investment product ownership – Current investment, by sources of wealth, October 2014
                                                                                                            • Figure 81: Investment product ownership – Future interest, by sources of wealth, October 2014
                                                                                                          • Investment product ownership
                                                                                                            • Figure 82: Investment product ownership, October 2014
                                                                                                            • Figure 83: Investment product ownership, by age (frequencies/counts), October 2014
                                                                                                            • Figure 84: Investment product ownership, by age (frequencies/counts), October 2014
                                                                                                            • Figure 85: Investment product ownership, by household investments (frequencies/counts), October 2014
                                                                                                            • Figure 86: Investment product ownership, by age (mean), October 2014
                                                                                                            • Figure 87: Investment product ownership, by age (mean), October 2014
                                                                                                            • Figure 88: Investment product ownership, by household investments (mean), October 2014
                                                                                                            • Figure 89: Investment product ownership, by age (median), October 2014
                                                                                                            • Figure 90: Investment product ownership, by age (median), October 2014
                                                                                                            • Figure 91: Investment product ownership, by household investments (median), October 2014
                                                                                                          • Financial services usage
                                                                                                            • Figure 92: Service usage and interest, October 2014
                                                                                                            • Figure 93: Service usage and interest, by age, October 2014
                                                                                                            • Figure 94: Service usage and interest, by age, October 2014
                                                                                                            • Figure 95: Service usage and interest, by household investments, October 2014
                                                                                                          • Financial concerns
                                                                                                            • Figure 96: Greatest financial concern in a year, October 2014
                                                                                                            • Figure 97: Greatest financial concern in a year, by age, October 2014
                                                                                                            • Figure 98: Greatest financial concern in a year, by age, October 2014
                                                                                                            • Figure 99: Greatest financial concern in a year, by household investments, October 2014
                                                                                                          • FS attitudes
                                                                                                            • Figure 100: Attitudes toward FS, October 2014
                                                                                                            • Figure 101: Attitudes toward FS, by age, October 2014
                                                                                                            • Figure 102: Attitudes toward FS, by age, October 2014
                                                                                                            • Figure 103: Attitudes toward FS, by household investments, October 2014
                                                                                                            • Figure 104: Attitudes toward FS – Any agree, by age, October 2014
                                                                                                            • Figure 105: Attitudes toward FS – Any agree, by age, October 2014
                                                                                                            • Figure 106: Attitudes toward FS – Any agree, by household investments, October 2014
                                                                                                            • Figure 107: Attitudes toward FS – Any agree, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                            • Figure 108: Attitudes toward FS – Any disagree, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                          • Satisfaction with providers
                                                                                                            • Figure 109: Satisfaction with service providers, October 2014
                                                                                                            • Figure 110: Satisfaction with service providers, October 2014
                                                                                                            • Figure 111: Satisfaction with service providers, by age, October 2014
                                                                                                            • Figure 112: Satisfaction with service providers, by age, October 2014
                                                                                                            • Figure 113: Satisfaction with service providers, by household investments, October 2014
                                                                                                            • Figure 114: Criteria to select new provider, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                            • Figure 115: Service usage and interest – Will use in the future, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                            • Figure 116: Average number of adviser use (mean), by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                            • Figure 117: Average number of adviser use (mean), by satisfaction with service providers – Any dissatisfaction, October 2014
                                                                                                            • Figure 118: Use of financial advisers, by satisfaction with service providers – Any satisfaction, October 2014
                                                                                                          • Provider selection criteria
                                                                                                            • Figure 119: Criteria to select new provider, October 2014
                                                                                                            • Figure 120: Criteria to select new provider – Any rank, by age, October 2014
                                                                                                            • Figure 121: Criteria to select new provider – Any rank, by age, October 2014
                                                                                                            • Figure 122: Criteria to select new provider – Any rank, by household investments, October 2014
                                                                                                            • Figure 123: Criteria to select new provider – Rank 1, by age, October 2014
                                                                                                            • Figure 124: Criteria to select new provider – Rank 1, by age, October 2014
                                                                                                            • Figure 125: Criteria to select new provider – Rank 1, by household investments, October 2014
                                                                                                          • Payment methods
                                                                                                            • Figure 126: Payment methods by type of purchase, October 2014
                                                                                                            • Figure 127: Payment methods by type of purchase, by age, October 2014
                                                                                                            • Figure 128: Payment methods by type of purchase, by age, October 2014
                                                                                                            • Figure 129: Payment methods by type of purchase, by household investments, October 2014

                                                                                                        Companies Covered

                                                                                                        • Bank of America Corporation
                                                                                                        • Merrill Lynch & Co. Inc

                                                                                                        High Net Worth Women - US - December 2014

                                                                                                        US $3,995.00 (Excl.Tax)