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Marketing Financial Services to the Mass Affluent - US - December 2013

Published By :

Mintel

Published Date : Dec 2013

Category :

Banking

No. of Pages : 136 Pages


The affluent segment is multilayered, and all of its layers are of interest to the industry. Although the group is financially comfortable, they are not immune from financial concerns. They are, however, willing to use technology to help them manage their money, and financial services providers need to highlight any cutting-edge technology that differentiates them from other providers.
Table of Content

Scope and Themes
What you need to know
Data sources
Consumer survey data
Direct marketing creative
Terms

Executive Summary
The market
Figure 1: Net worth of households, by household income, October 2013
Market drivers
Figure 2: Dow Jones Industrial Average, Nov. 21, 2012 - Nov. 21, 2013
The consumer
Figure 3: Attitudes about personal financial security, by age, October 2013
Figure 4: Importance of online and mobile banking services, by age, October 2013
Figure 5: Interest in financial goals, by presence of children in the household, October 2013
What we think

Issues and Implications
How can financial services companies attract young affluents?
Issues:
Implications:
How do financial priorities and challenges change with household income?
Issues:
Figure 6: Biggest financial challenges, by household net worth, October 2013
Figure 7: Biggest financial challenges, by household income, October 2013
Implications:
How are affluents doing with saving for retirement?
Issues:
Figure 8: Amount in household retirement savings, by age, October 2013
Implications:
Wealth management and affluents?
Issues:
Implications:
Figure 9: Believe financial services companies are more trustworthy, by age, October 2013

Trend Application
Inspire Trend: Prove It

Market Size
Key points
Definition and size of the market
Percentage of affluent households is decreasing
Figure 10: Percent distribution of household net worth, $100K+, 2005, 2009, 2010, 2011
Fewer affluents at all age segments
Figure 11: Percentage of US households with net worth of $100K+, by age, 2005, 2009-11

Market Drivers
Key points
Economy continues to strengthen
Figure 12: Unemployment rate, September 2011-September 2013
Figure 13: S&P/Case-Shiller US National Home Price Index, June 2009-June 2013
Figure 14: Dow Jones Industry Average, Nov. 21, 2012-Nov. 21, 2013
Affluents are feeling more secure
Consumer confidence down
Figure 15: Thomson Reuters/University of Michigan Consumer Survey Index, October 2011-October 2013

Demographic Profile of Affluents
Key points
Characteristics of the market
Income and net worth
Figure 16: Household net worth, by household income, October 2013
Demographic characteristics
The more affluent

Innovations and Innovators
Key points
New marketing campaign aimed at mass affluents
Navy Federal Credit Union uses social media to sell products

Marketing Strategies
Key points
Social media is especially important in reaching affluents
Figure 17: Percentage who follow financial services providers on social media, by age, October 2013
Figure 18: Percentage who follow financial services providers on social media, by household income, October 2013
Wealth management is a growing focus for banks
Figure 19: Bancwest direct mail ad, 2013
Increasing emphasis on mobile features
Brand analysis: Wells Fargo
Online initiatives
Social media
YouTube
Figure 20: Wells Fargo YouTube video, 2013
Figure 21: Wells Fargo YouTube video, 2013
Figure 22: Wells Fargo YouTube video, 2013
Television
Figure 23: Wells Fargo television ad, 2013
Figure 24: Wells Fargo television ad, 2013
Direct mail
Figure 25: Wells Fargo direct mail ad, 2013
Email
Figure 26: Wells Fargo email ad, 2013
Mobile
Figure 27: Wells Fargo mobile ad, 2013
Print
Figure 28: Wells Fargo print ad, 2013
Brand analysis: Bank of America
Online initiatives
Social media
YouTube
Figure 29: Bank of America YouTube video, 2013
Figure 30: Bank of America YouTube video, 2013
Television
Figure 31: Bank of America television ad, 2013
Figure 32: Bank of America television ad, 2013
Direct mail
Figure 33: Bank of America/Merrill Edge direct mail ad, 2013
Email
Figure 34: Bank of America email ad, 2013
Figure 35: Bank of America/Merrill Edge email, 2013
Mobile
Figure 36: Bank of America/Merrill Edge online ad, 2013
Figure 37: Bank of America/Merrill Edge mobile ad, 2013
Brand Analysis: JPMorgan Chase
Online initiatives
Social media
YouTube
Figure 38: Chase Bank YouTube video, 2013
Figure 39: Chase Bank YouTube video, 2013
Television
Figure 40: Chase Bank television ad, 2013
Figure 41: Chase Bank television ad, 2013
Direct mail
Figure 42: Chase Bank direct mail ad, 2013
Figure 43: Chase Bank direct mail ad, 2013
Email
Figure 44: Chase Bank email ad, 2013

Attitudes toward Personal Financial Situation
Key points
Figure 45: Attitudes about personal financial security, by gender, October 2013
Figure 46: Attitudes about personal financial security, by age, October 2013
Figure 47: Attitudes about personal financial security, by household income, October 2013
Figure 48: Attitudes about personal financial security, by presence of children in household, October 2013

Preference for Working with Advisers
Key points
Figure 49: Attitudes toward financial companies and working with advisers, by gender, October 2013
Figure 50: Attitudes toward financial companies and working with advisers, by age, October 2013
Figure 51: Attitudes toward financial companies and working with advisers, by household income, October 2013
Figure 52: Attitudes toward financial companies and working with advisers, by presence of children in household, October 2013

Importance of Technology
Key points
Figure 53: Importance of online and mobile banking services, by gender, October 2013
Figure 54: Importance of online and mobile banking services, by age, October 2013
Figure 55: Importance of online and mobile banking services, by household income, October 2013
Figure 56: Importance of online and mobile banking services, by presence of children in the household, October 2013

Biggest Financial Challenges
Key points
Figure 57: Biggest financial challenges, by gender, October 2013
Figure 58: Biggest financial challenges, by age, October 2013
Figure 59: Biggest financial challenges, by household income, October 2013
Figure 60: Biggest financial challenges, by marital status, October 2013
Figure 61: Biggest financial challenges, by household net worth, October 2013

Household Financial Goals
Key points
Figure 62: Household financial goals, by gender, October 2013
Figure 63: Household financial goals, by age, October 2013
Figure 64: Household financial goals, by household income, October 2013

Attitudes toward Banking
Key points
Figure 65: Attitudes toward banking, banking activities, and reasons for choosing a bank, by gender, October 2013
Figure 66: Attitudes toward banking, banking activities, and reasons for choosing a bank, by age, October 2013
Figure 67: Attitudes toward banking, banking activities, and reasons for choosing a bank, by household income, October 2013
Figure 68: Attitudes toward banking, banking activities, and reasons for choosing a bank, by household net worth, October 2013

Attitudes toward Financial Management
Key points
Figure 69: Use of financial management resources, by gender, October 2013
Figure 70: Use of financial management resources, by age, October 2013
Figure 71: Use of financial management resources, by household income, October 2013
Figure 72: Use of financial management resources, by household net worth, October 2013

Attitudes toward Financial Plans and Interactions with Financial Providers
Key points
Figure 73: Attitudes toward financial plans and interactions with financial providers, by gender, October 2013
Figure 74: Attitudes toward financial plans and interactions with financial providers, by age, October 2013
Figure 75: Attitudes toward financial plans and interactions with financial providers, by household income, October 2013
Figure 76: Attitudes toward financial plans and interactions with financial providers, by presence of children in the household, October 2013
Figure 77: Attitudes toward financial plans and interactions with financial providers, by household net worth, October 2013

Amount of Retirement Savings
Key points
Figure 78: Amount in household retirement savings, by gender, October 2013
Figure 79: Amount of household retirement savings, by age, October 2013
Figure 80: Amount of household retirement savings, by household income, October 2013

Cluster Analysis
Cluster methodology
Young Techies
Demographics
Characteristics
Opportunity
Older Affluents
Demographics
Characteristics
Opportunity
Disconnected Unprepareds
Demographics
Characteristics
Opportunity
Cluster Characteristic Tables
Figure 81: Target clusters, October 2013
Figure 82: Household net worth, by target clusters, October 2013
Figure 83: Attitudes about personal financial security, by target clusters, October 2013
Figure 84: Attitudes toward financial companies and working with advisers, by target clusters, October 2013
Figure 85: Importance of online and mobile banking services, by target clusters, October 2013
Figure 86: Biggest financial challenges, by target clusters, October 2013
Figure 87: Household financial goals, by target clusters, October 2013
Figure 88: Attitude toward banking, by target clusters, October 2013
Figure 89: Use of financial management resources, by target clusters, October 2013
Figure 90: Attitudes toward financial plans and interaction with financial provider, by target clusters, October 2013
Figure 91: Amount of household retirement savings, by target clusters, October 2013
Cluster demographic tables
Figure 92: Target clusters, by demographics, October 2013
Cluster methodology

Appendix – Trade Associations

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