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Marketing Financial Services to the Mass Affluent - US - December 2015

"The mass affluent market is largely untapped by traditional financial services providers and provides great opportunity for institutions to expand their customer base. Less than one third of mass affluent consumers regularly work with a financial advisor, yet their financial needs are substantial and diverse. New strategies and technologies can help providers serve this group profitably despite account balances that are lower than the traditional audience of affluent and high net worth households."
- Monica Staco, Category Manager - Financial Services

This report discusses the following key topics:

  • More than 22 million mass affluent households in possible need of financial guidance 
  • Consumer attitudes are improving and more feeling optimistic 
  • Retirement is greatest concern

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

          • The issues
            • More than 22 million mass affluent households in possible need of financial guidance
              • Figure 1: Number of mass affluent households, 2010-20
            • Consumer attitudes are improving and more feeling optimistic
              • Figure 2: Attitudes about personal economy, any agree, September 2015
            • Retirement is greatest concern
              • Figure 3: Financial challenges, all, September 2015
            • The opportunities
              • Significant opportunity for financial advisors to increase mass affluent client base
                • Figure 4: Use of financial advisors, by wealth segment, September 2015
              • Mobile and technology tools critical for success
                • Figure 5: Attitudes toward financial services technology, by generation, September 2015
              • Helping older consumers feel confident about their plan
                • Figure 6: Attitudes about personal economy, by age, September 2015
              • What it means
              • The Market – What You Need to Know

                • Over 22 million mass affluent households with assets above $100K
                  • Retiring Baby Boomers facing new challenges and needs
                    • 401(k) market rollovers provide opportunity
                      • Millennials overtake Baby Boomers in number
                        • Retirement crisis looming for many households
                        • Market Size and Forecast

                          • More than 22 million mass affluent households with assets above $100K
                            • Figure 7: US households, by value of income-producing assets (IPA), 2015
                            • Figure 8: Number of mass affluent households, 2010-20
                        • Market Factors

                          • Retiring Baby Boomers facing new challenges and needs
                            • Figure 9: Total US population distribution, by age, 2010-20
                          • 401(k) market rollovers provide opportunity
                            • Figure 10: Fidelity online ad, 2015
                          • Millennials overtake Baby Boomers in number
                            • Retirement crisis looming for many households
                              • Figure 11: Amount in retirement savings, January 2015
                          • Key Players – What You Need to Know

                            • PFM tools within easy reach for mass affluent consumers
                              • Need to improve outreach to Black and female consumers
                                • Robo-advisors bring changing service models
                                • What’s Working?

                                  • PFM tools within easy reach for mass affluent consumers
                                    • Figure 12: Attitudes toward financial services technology, by generation, September 2015
                                  • Bank PFM offerings compete with third-party sites such as Mint.com
                                    • Figure 13: Sun Trust print ad, 2015
                                    • Figure 14: BMO Financial Group email ad, 2015
                                    • Figure 15: Wells Fargo email ad, 2015
                                    • Figure 16: Personal Capital online ad, 2015
                                • What’s Struggling?

                                    • Black community underserved by advisors
                                      • Figure 17: Use of financial advisors, by race/Hispanic origin, September 2015
                                    • Black consumers weary of paying fee
                                      • Figure 18: Financial services behaviors, by race/Hispanic origin, September 2015
                                    • It’s a man’s world…though not really
                                      • Figure 19: Household financial decisions process, by gender, September 2015
                                    • Women aged 35-54 less interested in financial planning
                                      • Figure 20: Financial services behaviors, by age and gender, September 2015
                                  • What’s Next?

                                    • Betterment, Wealthfront, and the rise of robos
                                      • Figure 21: Betterment home page, 2015
                                    • Traditional players get into robo segment
                                      • Figure 22: Charles Schwab email ad, 2015
                                    • Ultimate impact on industry may be changes to the service model
                                    • The Consumer – What You Need to Know

                                      • Mass affluent consumers exist at every age
                                        • Mass affluent focused on saving and investing, but many without plan
                                          • Plenty of opportunity for financial advisors to gain market share
                                            • Opportunity arises as online tools become commonplace
                                              • Consumer attitudes are improving
                                                • Retirement is greatest concern
                                                  • Millennials interested in financial plan
                                                  • Household Investable Assets and Net Worth

                                                    • Nearly 40% of households have $100K-$1 million investable assets
                                                      • Figure 23: Household investable assets, all, September 2015
                                                    • Much household net worth held in value of home
                                                      • Figure 24: Household net worth, all, September 2015
                                                    • Mass affluent consumers exist at every age
                                                      • Figure 25: Household investable assets, by generation, September 2015
                                                    • Consumers harder to reach as wealth increases
                                                      • Figure 26: Websites visited daily, by household investable assets, September 2015
                                                    • LinkedIn attractive avenue for social media
                                                      • Figure 27: Social media sites visited daily, by household investable assets, September 2015
                                                    • One-quarter of Hispanics have investable assets of $100K-499K
                                                      • Figure 28: Household investable assets, by race/Hispanic origin, September 2015
                                                  • Financial Decision Making

                                                    • Financial decision making is rarely shared
                                                      • Figure 29: Household financial decisions process, all, September 2015
                                                    • Men more likely to make financial decisions, but not entirely
                                                      • Figure 30: Household financial decisions process, by gender, September 2015
                                                    • Fathers making decisions and present opportunity
                                                      • Figure 31: Household financial decisions process, by parental status, September 2015
                                                    • Hispanics very likely to make all decisions themselves
                                                      • Figure 32: Household financial decisions process, by race/Hispanic origin, September 2015
                                                  • Attitudes toward Financial Services Technology

                                                    • Opportunity for education as online tools become commonplace
                                                      • Figure 33: Attitudes toward financial services technology, all, September 2015
                                                    • Mobile/online services most important to younger consumers
                                                      • Figure 34: Attitudes toward financial services technology, by generation, September 2015
                                                    • Parents far more likely to seek online management tools
                                                      • Figure 35: Attitudes toward financial services technology, by parental status, September 2015
                                                    • Hispanics more likely to use online management tools and videos
                                                      • Figure 36: Attitudes toward financial services technology, by Hispanic origin, September 2015
                                                  • Attitudes about Personal Economy

                                                    • Consumer attitudes are improving
                                                      • Figure 37: Attitudes about personal economy, all, September 2015
                                                    • Young women not as confident their retirement is on track
                                                      • Figure 38: Attitudes about personal economy, by gender and age, September 2015
                                                    • Older consumers less confident about their financial standing
                                                      • Figure 39: Attitudes about personal economy, by age, September 2015
                                                    • Hispanics feeling more financially secure than before
                                                      • Figure 40: Attitudes about personal economy, all, September 2015
                                                  • Use of Financial Advisors

                                                    • Plenty of opportunity for financial advisors to gain market share
                                                      • Figure 41: Use of financial advisors, all, September 2015
                                                    • 45-54-year-olds present significant opportunity for advisors
                                                      • Figure 42: Use of financial advisors, by age, September 2015
                                                    • Mass affluent consumers least likely to use financial advisor
                                                      • Figure 43: Use of financial advisors, by wealth segment, September 2015
                                                    • Black consumers slightly more underserved by advisors
                                                      • Figure 44: Use of financial advisors, by race/Hispanic origin, September 2015
                                                  • Greatest Financial Challenges

                                                    • Retirement is greatest concern
                                                      • Figure 45: Financial challenges, all, September 2015
                                                    • Millennials interested in financial plan
                                                      • Figure 46: Financial challenges, by generation, September 2015
                                                    • Education and day-to-day needs a concern for parents
                                                      • Figure 47: Financial challenges, by parental status, September 2015
                                                    • Black consumers want to build an emergency fund
                                                      • Figure 48: Financial challenges, by race/Hispanic origin, September 2015
                                                  • Financial Attitudes

                                                    • Focus shifting toward growth and investment
                                                      • Figure 49: Financial services behaviors, all, September 2015
                                                    • Mass affluent focused on saving and investing, but many without plan
                                                      • Figure 50: Financial services behaviors, by wealth segment, September 2015
                                                    • Many parents willing to pay a fee and receive communications
                                                      • Figure 51: Financial services behaviors, by parental status, September 2015
                                                    • Hispanics engage online
                                                      • Figure 52: Financial services behaviors, by race/Hispanic origin, September 2015
                                                  • Appendix – Data Sources and Abbreviations

                                                    • Data sources
                                                      • Fan chart forecast
                                                        • Consumer survey data
                                                          • Direct marketing creative
                                                            • Abbreviations and terms
                                                              • Abbreviations
                                                              • CHAID Analysis

                                                                • Methodology
                                                                  • Millennial parents feeling financially secure
                                                                    • Figure 53: Financial security – CHAID – Tree output, September 2015
                                                                    • Figure 54: Online communications – CHAID – Tree output, September 2015
                                                                    • Figure 55: Attitudes toward financial services – CHAID – Table output, September 2015

                                                                Companies Covered

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                                                                Marketing Financial Services to the Mass Affluent - US - December 2015

                                                                US $3,995.00 (Excl.Tax)