November 14, 2006

The Financial Needs Of Affluent Consumers

Investment Firms And Financial Advisors Best Meet Affluent Consumers' Needs

by Bruce D. Temkin

with Eric M. Dolan, Peter Hult

Executive Summary (This is a document excerpt)

We examined what affluent consumers think about eight types of financial institutions by asking the question, "How well do these providers meet your needs?" Investment firms and financial advisors received the highest marks, while life insurers fell to the bottom of the list. Younger Boomers gave much lower marks to their providers than older consumers. We also looked at consumers' attitudes and activities across a range of affluence. Our key findings: The desire to shop around decreases for consumers who have more than $2.5 million in assets; mutual fund ownership declines sharply for consumers who have more than $2.5 million in assets; and affluence levels affect online investing more than online banking.

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