Phoenix Marketing International’s Global Wealth Monitor Shows New Segment Emerging among Affluent: How “Taking Control” is the New Black

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In the wake of the recession, wake-up call ensues for the affluent investor

Back in 2007 – only 6 years ago but a world away – the people in the U.S. lived in a place where trust was assumed when finances were involved: work for my money and make my money work for me (please and thank you). Alas, the recession was born and months turned into years and finally things are starting to change: in the wake of the recession, affluent investors waking up and getting down to business with their finances. Phoenix Marketing International’s GWM shows the emergence of a segment of affluent investors “taking control” and using their financial advisors on a more selective basis, as evidenced by this chart.

So what is behind the Taking Control movement trending among affluent investors, the “New Black”? The Phoenix research demonstrates that many advisors “dropped the ball” on their clients during the recession - failing to proactively communicate with them or taking the time to re-think investing strategies. While affluent clients did not necessarily leave their advisors, many felt compelled to pick up the ball and take on some of the wealth management responsibilities formerly undertaken by their advisor.

What does this mean for advisors? These Taking Control investors are demanding a more hand’s-on approach: anchored by a financial plan, less patience for buy-and-hold investing, and access to the latest investing tools (mobile apps, online budgeting, online education or seminars, and online advice). It also means that advisors will have to vastly improve their communications skills to keep these investors happy.

About Global Wealth Monitor
The PMI Global Wealth Monitor syndicated research tracking studies provide the foundation for our work with clients who market to affluent and high net worth (HNW) households. These trended studies provide ongoing intelligence on the attitudes, behaviors and needs of affluent and High Net Worth consumers to leading organizations in the U.S., Canada, and Europe.

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David Thompson
Phoenix Marketing International
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