Financial Needs of Affluent and High Net Worth Consumers - US - November 2016
"Most affluent and HNWI (high net worth individuals) have sophisticated financial needs and concerns, but only approximately half use a financial adviser and only one third have a written financial plan. Advisory services might make it easier for them to reach their goals, but trust in professionals is relatively low among this group, and many wealthy people prefer to manage their finances themselves. Robo-advice is another option and young affluents and HNWIs are beginning to utilize this. How can the financial services industry integrate the benefits of technology with those of a human adviser?"
- Robyn Kaiserman, Senior Financial Services Analyst
This report discusses the following key topics:
- One third aren’t sure they have enough for retirement
- Most don’t have a written plan
- Advisers are not necessarily trusted
- Robo-advisers don’t impress HNWI
Although affluent consumers and HNWIs have a lot of assets, they still have concerns about their finances. Wealth management and advisory services might help them feel more comfortable. Robo-advisers are making inroads into this segment, but banks have an opportunity, too, especially with affluent Millennials, many of whom want advisers to have a presence at their banks.
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