Battling for the Ultra Affluent…

May 2001
Journal of Financial Planning;May2001, Vol. 14 Issue 5, p23
Academic Journal
This article presents facts about wealthy households in the U.S. as of May 2001. It was learned that there is a fierce turf battle among financial advisors, including private banks and securities firms, for the ultra-affluent customers. Affluent customers are those with at least $5 million to invest excluding 401(k) accounts and stock options. It was found that 590,000 U.S. households have a net worth over $5 million compared with 90,000 in 1994. Over the past 30 years, banks have lost 55 percent of their customers' assets to securities firms. Today's wealthy are said to be younger, more ethnically diverse and more likely to have earned rather than inherited wealth. They fear losing their money because they have seen others lose it as fast as they made it.


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