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Marketing Financial Services to the Mass Affluent - US - December 2013

“The affluent segment is multilayered, and all of its layers are of interest to the industry. Although the group is financially comfortable, they are not immune from financial concerns. They are, however, willing to use technology to help them manage their money, and financial services providers need to highlight any cutting-edge technology that differentiates them from other providers.”

– Robyn Kaiserman, Financial Services Analyst

Some questions answered in this report include:

  • How can financial services companies attract young affluents?
  • How do financial priorities and challenges change with household income?
  • How are affluents doing with saving for retirement?

Affluent customers are quite often the most profitable customers for financial services providers. The challenge for the industry is that, as profitable as they may be, there aren’t enough at the high end in terms of net worth to go around. Advisers and providers are therefore beginning to focus on mass affluents, the “low end” of the affluent market.

This report focuses on the challenges facing all affluents, from mass affluent to high net worth, and discusses ways advisers and providers can appeal to them and their specific needs. It also discusses what the affluent are seeking from their providers, giving both advisers and providers insight into how they can adapt their offerings and their messaging in such a way as to initiate conversations with this important segment.

This report builds on the analysis presented in Mintel’s Mass Affluent and Financial Services—US, December 2012.

For the purposes of this report, Mintel has used the following definitions:
The affluent market consists of several segments ranging from the mass affluent to the high net worth and even the ultra high net worth. Each segment has a net worth and income criteria that define it. These criteria vary, but for the purposes of this report, the minimum net worth criterion is $100K+, excluding primary residence, and the minimum income criterion is $100K.

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Table of contents

  1. Scope and Themes

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

                • The market
                  • Figure 1: Net worth of households, by household income, October 2013
                • Market drivers
                  • Figure 2: Dow Jones Industrial Average, Nov. 21, 2012 - Nov. 21, 2013
                • The consumer
                  • Figure 3: Attitudes about personal financial security, by age, October 2013
                  • Figure 4: Importance of online and mobile banking services, by age, October 2013
                  • Figure 5: Interest in financial goals, by presence of children in the household, October 2013
                • What we think
                • Issues and Implications

                    • How can financial services companies attract young affluents?
                      • Issues:
                        • Implications:
                          • How do financial priorities and challenges change with household income?
                            • Issues:
                              • Figure 6: Biggest financial challenges, by household net worth, October 2013
                              • Figure 7: Biggest financial challenges, by household income, October 2013
                            • Implications:
                              • How are affluents doing with saving for retirement?
                                • Issues:
                                  • Figure 8: Amount in household retirement savings, by age, October 2013
                                • Implications:
                                  • Wealth management and affluents?
                                    • Issues:
                                      • Implications:
                                        • Figure 9: Believe financial services companies are more trustworthy, by age, October 2013
                                    • Trend Application

                                        • Inspire Trend: Prove It
                                          • Inspire Trend: Life Hacking
                                            • Mintel Futures: Generation Next
                                            • Market Size

                                              • Key points
                                                • Definition and size of the market
                                                  • Percentage of affluent households is decreasing
                                                    • Figure 10: Percent distribution of household net worth, $100K+, 2005, 2009, 2010, 2011
                                                  • Fewer affluents at all age segments
                                                    • Figure 11: Percentage of US households with net worth of $100K+, by age, 2005, 2009-11
                                                • Market Drivers

                                                  • Key points
                                                    • Economy continues to strengthen
                                                      • Figure 12: Unemployment rate, September 2011-September 2013
                                                      • Figure 13: S&P/Case-Shiller US National Home Price Index, June 2009-June 2013
                                                      • Figure 14: Dow Jones Industry Average, Nov. 21, 2012-Nov. 21, 2013
                                                    • Affluents are feeling more secure
                                                      • Consumer confidence down
                                                        • Figure 15: Thomson Reuters/University of Michigan Consumer Survey Index, October 2011-October 2013
                                                    • Demographic Profile of Affluents

                                                      • Key points
                                                        • Characteristics of the market
                                                          • Income and net worth
                                                            • Figure 16: Household net worth, by household income, October 2013
                                                          • Demographic characteristics
                                                            • The more affluent
                                                            • Innovations and Innovators

                                                              • Key points
                                                                • New marketing campaign aimed at mass affluents
                                                                  • Navy Federal Credit Union uses social media to sell products
                                                                  • Marketing Strategies

                                                                    • Key points
                                                                      • Social media is especially important in reaching affluents
                                                                        • Figure 17: Percentage who follow financial services providers on social media, by age, October 2013
                                                                        • Figure 18: Percentage who follow financial services providers on social media, by household income, October 2013
                                                                      • Wealth management is a growing focus for banks
                                                                          • Figure 19: Bancwest direct mail ad, 2013
                                                                        • Increasing emphasis on mobile features
                                                                          • Brand analysis: Wells Fargo
                                                                            • Online initiatives
                                                                              • Social media
                                                                                • YouTube
                                                                                  • Figure 20: Wells Fargo YouTube video, 2013
                                                                                  • Figure 21: Wells Fargo YouTube video, 2013
                                                                                  • Figure 22: Wells Fargo YouTube video, 2013
                                                                                • Television
                                                                                  • Figure 23: Wells Fargo television ad, 2013
                                                                                  • Figure 24: Wells Fargo television ad, 2013
                                                                                • Direct mail
                                                                                  • Figure 25: Wells Fargo direct mail ad, 2013
                                                                                • Email
                                                                                  • Figure 26: Wells Fargo email ad, 2013
                                                                                • Mobile
                                                                                  • Figure 27: Wells Fargo mobile ad, 2013
                                                                                • Print
                                                                                  • Figure 28: Wells Fargo print ad, 2013
                                                                                • Brand analysis: Bank of America
                                                                                  • Online initiatives
                                                                                    • Social media
                                                                                      • YouTube
                                                                                        • Figure 29: Bank of America YouTube video, 2013
                                                                                        • Figure 30: Bank of America YouTube video, 2013
                                                                                      • Television
                                                                                        • Figure 31: Bank of America television ad, 2013
                                                                                        • Figure 32: Bank of America television ad, 2013
                                                                                      • Direct mail
                                                                                        • Figure 33: Bank of America/Merrill Edge direct mail ad, 2013
                                                                                      • Email
                                                                                        • Figure 34: Bank of America email ad, 2013
                                                                                        • Figure 35: Bank of America/Merrill Edge email, 2013
                                                                                      • Mobile
                                                                                        • Figure 36: Bank of America/Merrill Edge online ad, 2013
                                                                                        • Figure 37: Bank of America/Merrill Edge mobile ad, 2013
                                                                                      • Brand Analysis: JPMorgan Chase
                                                                                        • Online initiatives
                                                                                          • Social media
                                                                                            • YouTube
                                                                                              • Figure 38: Chase Bank YouTube video, 2013
                                                                                              • Figure 39: Chase Bank YouTube video, 2013
                                                                                            • Television
                                                                                              • Figure 40: Chase Bank television ad, 2013
                                                                                              • Figure 41: Chase Bank television ad, 2013
                                                                                            • Direct mail
                                                                                              • Figure 42: Chase Bank direct mail ad, 2013
                                                                                              • Figure 43: Chase Bank direct mail ad, 2013
                                                                                            • Email
                                                                                              • Figure 44: Chase Bank email ad, 2013
                                                                                          • Attitudes toward Personal Financial Situation

                                                                                            • Key points
                                                                                                • Figure 45: Attitudes about personal financial security, by gender, October 2013
                                                                                                • Figure 46: Attitudes about personal financial security, by age, October 2013
                                                                                                • Figure 47: Attitudes about personal financial security, by household income, October 2013
                                                                                                • Figure 48: Attitudes about personal financial security, by presence of children in household, October 2013
                                                                                            • Preference for Working with Advisers

                                                                                              • Key points
                                                                                                  • Figure 49: Attitudes toward financial companies and working with advisers, by gender, October 2013
                                                                                                  • Figure 50: Attitudes toward financial companies and working with advisers, by age, October 2013
                                                                                                  • Figure 51: Attitudes toward financial companies and working with advisers, by household income, October 2013
                                                                                                  • Figure 52: Attitudes toward financial companies and working with advisers, by presence of children in household, October 2013
                                                                                              • Importance of Technology

                                                                                                • Key points
                                                                                                    • Figure 53: Importance of online and mobile banking services, by gender, October 2013
                                                                                                    • Figure 54: Importance of online and mobile banking services, by age, October 2013
                                                                                                    • Figure 55: Importance of online and mobile banking services, by household income, October 2013
                                                                                                    • Figure 56: Importance of online and mobile banking services, by presence of children in the household, October 2013
                                                                                                • Biggest Financial Challenges

                                                                                                  • Key points
                                                                                                      • Figure 57: Biggest financial challenges, by gender, October 2013
                                                                                                      • Figure 58: Biggest financial challenges, by age, October 2013
                                                                                                      • Figure 59: Biggest financial challenges, by household income, October 2013
                                                                                                      • Figure 60: Biggest financial challenges, by marital status, October 2013
                                                                                                      • Figure 61: Biggest financial challenges, by household net worth, October 2013
                                                                                                  • Household Financial Goals

                                                                                                    • Key points
                                                                                                        • Figure 62: Household financial goals, by gender, October 2013
                                                                                                        • Figure 63: Household financial goals, by age, October 2013
                                                                                                        • Figure 64: Household financial goals, by household income, October 2013
                                                                                                    • Attitudes toward Banking

                                                                                                      • Key points
                                                                                                          • Figure 65: Attitudes toward banking, banking activities, and reasons for choosing a bank, by gender, October 2013
                                                                                                          • Figure 66: Attitudes toward banking, banking activities, and reasons for choosing a bank, by age, October 2013
                                                                                                          • Figure 67: Attitudes toward banking, banking activities, and reasons for choosing a bank, by household income, October 2013
                                                                                                          • Figure 68: Attitudes toward banking, banking activities, and reasons for choosing a bank, by household net worth, October 2013
                                                                                                      • Attitudes toward Financial Management

                                                                                                        • Key points
                                                                                                          • Figure 69: Use of financial management resources, by gender, October 2013
                                                                                                          • Figure 70: Use of financial management resources, by age, October 2013
                                                                                                          • Figure 71: Use of financial management resources, by household income, October 2013
                                                                                                          • Figure 72: Use of financial management resources, by household net worth, October 2013
                                                                                                      • Attitudes toward Financial Plans and Interactions with Financial Providers

                                                                                                        • Key points
                                                                                                            • Figure 73: Attitudes toward financial plans and interactions with financial providers, by gender, October 2013
                                                                                                            • Figure 74: Attitudes toward financial plans and interactions with financial providers, by age, October 2013
                                                                                                            • Figure 75: Attitudes toward financial plans and interactions with financial providers, by household income, October 2013
                                                                                                            • Figure 76: Attitudes toward financial plans and interactions with financial providers, by presence of children in the household, October 2013
                                                                                                            • Figure 77: Attitudes toward financial plans and interactions with financial providers, by household net worth, October 2013
                                                                                                        • Amount of Retirement Savings

                                                                                                          • Key points
                                                                                                              • Figure 78: Amount in household retirement savings, by gender, October 2013
                                                                                                              • Figure 79: Amount of household retirement savings, by age, October 2013
                                                                                                              • Figure 80: Amount of household retirement savings, by household income, October 2013
                                                                                                          • Cluster Analysis

                                                                                                            • Cluster methodology
                                                                                                              • Young Techies
                                                                                                                • Demographics
                                                                                                                  • Characteristics
                                                                                                                    • Opportunity
                                                                                                                      • Older Affluents
                                                                                                                        • Demographics
                                                                                                                          • Characteristics
                                                                                                                            • Opportunity
                                                                                                                              • Disconnected Unprepareds
                                                                                                                                • Demographics
                                                                                                                                  • Characteristics
                                                                                                                                    • Opportunity
                                                                                                                                      • Cluster Characteristic Tables
                                                                                                                                        • Figure 81: Target clusters, October 2013
                                                                                                                                        • Figure 82: Household net worth, by target clusters, October 2013
                                                                                                                                        • Figure 83: Attitudes about personal financial security, by target clusters, October 2013
                                                                                                                                        • Figure 84: Attitudes toward financial companies and working with advisers, by target clusters, October 2013
                                                                                                                                        • Figure 85: Importance of online and mobile banking services, by target clusters, October 2013
                                                                                                                                        • Figure 86: Biggest financial challenges, by target clusters, October 2013
                                                                                                                                        • Figure 87: Household financial goals, by target clusters, October 2013
                                                                                                                                        • Figure 88: Attitude toward banking, by target clusters, October 2013
                                                                                                                                        • Figure 89: Use of financial management resources, by target clusters, October 2013
                                                                                                                                        • Figure 90: Attitudes toward financial plans and interaction with financial provider, by target clusters, October 2013
                                                                                                                                        • Figure 91: Amount of household retirement savings, by target clusters, October 2013
                                                                                                                                      • Cluster demographic tables
                                                                                                                                        • Figure 92: Target clusters, by demographics, October 2013
                                                                                                                                      • Cluster methodology
                                                                                                                                      • Appendix – Trade Associations

                                                                                                                                        Marketing Financial Services to the Mass Affluent - US - December 2013

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