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High Net Worth Women - US - December 2014

Published By :

Mintel

Published Date : Dec 2014

Category :

Banking

No. of Pages : 151 Pages

More women are holding leadership positions in corporations, which helps them contribute financially to their household. Nonetheless, they continue to fulfill their traditional duties of caring for their family. Consequently they need a financial provider who can understand their unique situation and be a partner in helping them manage it all.
Table of Content

Scope and Themes

What you need to know
Definition
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms

Executive Summary

The market
The consumer
HNW women
Affluent women
What we think

Issues and Insights

Is there a true need to focus on HNW women?
The issues
The implications
Are women really different from men when it comes to finances?
The issues
The implications

Trend Application

Trend: The Unfairer Sex
Trend: Return to the Experts

Market Size

Key points
Market definition
Market size
Figure 1: Annual income of $150,000 or more, by gender, 2013

Market Drivers

Key points
More women are college educated
Figure 2: Percent of students enrolled and graduated from degree-granting institutions, by gender, 2013
Women are increasing their annual income
Figure 3: Individuals with annual income of $150,000 or more, by gender, 2003-13
Figure 4: Percent of wives earning more income than their husbands, 2003-12
Increase in number of women in corporate executive positions

Leading Companies

Key points
Merrill Lynch
Fidelity
Feliciano Financial Group

Innovations and Innovators

Key points
Overview
Tiffany
Patek Phillippe
Automotive
Harrods

Marketing Strategies

Overview of FSI marketing
Theme: Empowerment
Citibank
Figure 5: Citibank, print ad, 2013
Community Bank
Figure 6: Community Bank, online ad, 2014
Fidelity
Figure 7: Fidelity, webcast invitation, 2014
Theme: Wealth preservation
Merrill Lynch
Figure 8: Merrill Lynch, online ad, 2014
Bessemer Trust
Figure 9: Bessemer Trust, print ad, 2014
Theme: Family
Bank of the West
Figure 10: Bank of the West, online ad, 2014
Citibank
Figure 11: Citibank, online ad, 2014

Demographic Profile of HNW Women

Key points
Demographic profile of HNW and affluent women
Figure 12: Age, by investable assets, October 2014
Figure 13: Household net worth and income, by investable asset, October 2014

Communication Habits of Wealthy Women

Key points
Device ownership
Figure 14: Wealthy women device ownership, by age, October 2014
Frequency of website activities
Figure 15: Wealthy women frequency of web activities, October 2014
Figure 16: Wealthy women frequency of web activities, by age, October 2014
Social media sites usage
Figure 17: Wealthy women frequency of social media use, by age, October 2014

Financial Concerns of HNW Women

Key points
HNW women are concerned about preserving their wealth
Figure 18: Wealthy women greatest financial concern, by household investable assets, October 2014
Women aged 18-54 have several concerns for the upcoming year
Figure 19: Wealthy women greatest financial concern, by age, October 2014

Financial Decision Making of Wealthy Women

Key points
Wealthy women acquired their wealth through hard work
Figure 20: Wealthy women sources of wealth, by age, October 2014
Wealthy women make their household’s financial decisions
Figure 21: Wealthy women financial decisions owner, by investable assets, October 2014
Figure 22: Wealthy women financial decisions owner, by age, October 2014
Figure 23: Wealthy women’s attitudes toward FS, by age, October 2014
Wealthy women use credit cards for large ticket items purchases
Figure 24: Wealthy women’s methods of payment by type of items, December 2014
Correspondence analysis – methodology

Investment Products Ownership

Key points
Investment attitude of wealthy women
Figure 25: Wealthy women’s attitudes toward investment, by age, October 2014
Wealthy women are risk tolerant
Figure 26: Wealthy women investment product ownership, by age, October 2014
Younger women matching their investment to their values
Figure 27: Wealthy women investment product ownership, by age, October 2014

Financial Services Usage

Key points
Wealth transfer planning is underutilized
Figure 28: Wealthy women service usage and interest, by investable assets, October 2014
Women are aware of their financial challenges
Figure 29: Wealthy women’s attitudes toward financial services, by age, October 2014
Wealthy women’s future interest in financial services
Figure 30: Wealthy women service usage and interest, by age, October 2014

Working with Financial Advisers

Key points
HNW women collaborate with their financial advisers
Figure 31: Wealthy women use of financial advisers, by investable assets, October 2014
Figure 32: Use of financial advisers, by age, October 2014
HNW women prefer working with one adviser
Figure 33: Wealthy women average number of adviser used, by investable assets (mean), October 2014
Preferred mode of interaction
Figure 34: Wealthy women preferred channel of communication by information type, October 2014

Satisfaction and Selection of Financial Advisers

Key points
Satisfaction with FS providers
Figure 35: Wealthy women satisfaction with service providers, by age, October 2014
Collaboration and trust are crucial to wealthy women
Figure 36: Wealthy women’s attitudes toward financial services providers, by age, October 2014
Integrity is a key factor in selecting providers
Figure 37: Wealthy women criteria to select new provider – top three, by age, October 2014
Peer reviews and referrals matter
Figure 38: Wealthy women’s attitudes toward FS, by age, October 2014

Appendix – Other Useful Consumer Tables

Frequency of web activities
Figure 39: Frequency of web activities, October 2014
Figure 40: Frequency of web activities, by age, October 2014
Figure 41: Frequency of web activities, by age, October 2014
Figure 42: Frequency of web activities, by household investments, October 2014
Figure 43: Frequency of web activities, by device owned, October 2014
Frequency of social media activities
Figure 44: Frequency of social media activities, October 2014
Figure 45: Frequency of social media activities, by age, October 2014
Figure 46: Frequency of social media activities, by age, October 2014
Figure 47: Frequency of social media activities, by household investments, October 2014
Figure 48: Frequency of social media activities, by device owned, October 2014
Device ownership
Figure 49: Device owned, October 2014
Figure 50: Device owned, by age, October 2014
Figure 51: Device owned, by household investments, October 2014
Figure 52: Greatest financial concern in a year, by device owned, October 2014
Figure 53: Criteria to select new provider, by device owned, October 2014
Figure 54: Device owned, by age, October 2014
Sources of wealth
Figure 55: Sources of wealth, October 2014
Figure 56: Sources of wealth, by age, October 2014
Figure 57: Sources of wealth, by age, October 2014
Figure 58: Sources of wealth, by household investments, October 2014
Figure 59: Sources of wealth, by satisfaction with service providers – Any satisfaction, October 2014
Financial decisions process
Figure 60: Financial decisions owner, October 2014
Figure 61: Financial decisions owner, by age, October 2014
Figure 62: Financial decisions owner, by age, October 2014
Figure 63: Financial decisions owner, by household investments, October 2014
Relationship with financial adviser
Figure 64: Use of financial advisers, October 2014
Figure 65: Financial decisions owner, by age, October 2014
Figure 66: Financial decisions owner, by age, October 2014
Figure 67: Financial decisions owner, by household investments, October 2014
Financial adviser usage
Figure 68: Average number of adviser use, October 2014
Figure 69: Average number of adviser use, by household investments, October 2014
Figure 70: Average number of adviser use, by household investments (mean), October 2014
Mode of communication
Figure 71: Preferred channel of communication by information type, October 2014
Figure 72: Preferred channel of communication by information type, October 2014
Figure 73: Preferred channel of communication by information type, by age, October 2014
Figure 74: Preferred channel of communication by information type, by age, October 2014
Figure 75: Preferred channel of communication by information type, by household investments, October 2014
Investment product ownership
Figure 76: Investment product ownership, October 2014
Figure 77: Investment product ownership, by age, October 2014
Figure 78: Investment product ownership, by age, October 2014
Figure 79: Investment product ownership, by household investments, October 2014
Figure 80: Investment product ownership – Current investment, by sources of wealth, October 2014
Figure 81: Investment product ownership – Future interest, by sources of wealth, October 2014
Investment product ownership
Figure 82: Investment product ownership, October 2014
Figure 83: Investment product ownership, by age (frequencies/counts), October 2014
Figure 84: Investment product ownership, by age (frequencies/counts), October 2014
Figure 85: Investment product ownership, by household investments (frequencies/counts), October 2014
Figure 86: Investment product ownership, by age (mean), October 2014
Figure 87: Investment product ownership, by age (mean), October 2014
Figure 88: Investment product ownership, by household investments (mean), October 2014
Figure 89: Investment product ownership, by age (median), October 2014
Figure 90: Investment product ownership, by age (median), October 2014
Figure 91: Investment product ownership, by household investments (median), October 2014
Financial services usage
Figure 92: Service usage and interest, October 2014
Figure 93: Service usage and interest, by age, October 2014
Figure 94: Service usage and interest, by age, October 2014
Figure 95: Service usage and interest, by household investments, October 2014
Financial concerns
Figure 96: Greatest financial concern in a year, October 2014
Figure 97: Greatest financial concern in a year, by age, October 2014
Figure 98: Greatest financial concern in a year, by age, October 2014
Figure 99: Greatest financial concern in a year, by household investments, October 2014
FS attitudes
Figure 100: Attitudes toward FS, October 2014
Figure 101: Attitudes toward FS, by age, October 2014
Figure 102: Attitudes toward FS, by age, October 2014
Figure 103: Attitudes toward FS, by household investments, October 2014
Figure 104: Attitudes toward FS – Any agree, by age, October 2014
Figure 105: Attitudes toward FS – Any agree, by age, October 2014
Figure 106: Attitudes toward FS – Any agree, by household investments, October 2014
Figure 107: Attitudes toward FS – Any agree, by satisfaction with service providers – Any satisfaction, October 2014
Figure 108: Attitudes toward FS – Any disagree, by satisfaction with service providers – Any satisfaction, October 2014
Satisfaction with providers
Figure 109: Satisfaction with service providers, October 2014
Figure 110: Satisfaction with service providers, October 2014
Figure 111: Satisfaction with service providers, by age, October 2014
Figure 112: Satisfaction with service providers, by age, October 2014
Figure 113: Satisfaction with service providers, by household investments, October 2014
Figure 114: Criteria to select new provider, by satisfaction with service providers – Any satisfaction, October 2014
Figure 115: Service usage and interest – Will use in the future, by satisfaction with service providers – Any satisfaction, October 2014
Figure 116: Average number of adviser use (mean), by satisfaction with service providers – Any satisfaction, October 2014
Figure 117: Average number of adviser use (mean), by satisfaction with service providers – Any dissatisfaction, October 2014
Figure 118: Use of financial advisers, by satisfaction with service providers – Any satisfaction, October 2014
Provider selection criteria
Figure 119: Criteria to select new provider, October 2014
Figure 120: Criteria to select new provider – Any rank, by age, October 2014
Figure 121: Criteria to select new provider – Any rank, by age, October 2014
Figure 122: Criteria to select new provider – Any rank, by household investments, October 2014
Figure 123: Criteria to select new provider – Rank 1, by age, October 2014
Figure 124: Criteria to select new provider – Rank 1, by age, October 2014
Figure 125: Criteria to select new provider – Rank 1, by household investments, October 2014
Payment methods
Figure 126: Payment methods by type of purchase, October 2014
Figure 127: Payment methods by type of purchase, by age, October 2014
Figure 128: Payment methods by type of purchase, by age, October 2014
Figure 129: Payment methods by type of purchase, by household investments, October 2014

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