米国における大衆富裕層の金融ニーズ

Abstract

The mass affluent market (also known as the "emerging affluent" and the "near wealthy") lies roughly between the mass market and the wealthy. Mintel furthers this definition by limiting analysis to those consumers with investable assets between $100,000 and $1 million.

This growing group is often overlooked. Insurance giant AIG American General surveyed its highest-producing financial advisors and found that more than 60% could not identify any companies offering a service dedicated to this mass affluent "sweet spot." Lack of definition means less competition, leaving an attractive and under-marketed group of financial service buyers. In fact, the mass affluent holds more financial products, uses these products more, and has higher levels of assets in these products than the population as a whole. Ninety-seven percent of the mass affluent population holds a credit card, compared to only 1/3 in the general population. They also use credit cards more--14 times a month vs. 9 times for the total population. Ninety-three percent of mass affluents own their own home, half of those mortgage free.

Table of Contents

• Introduction and Abbreviations
• Introduction
• Scope of the reportOther relevant reports
• Definition
• Abbreviations and terms
• Abbreviations
• Terms
• Executive Summary
• More Americans are wealthy
• Boomers are affluent
• Financial companies In search of more profits
• A worthy target
• Size, segmentation and potential
  • Figure 1: U.S. Revenues to FinancialIntermediaries, by Wealth Category, 2000
• Services dominated by the top players
• Mass affluent have financial relationships
  • Figure 2: Comparison of Mass Affluent andTotal Surveyed Population: Ownership of Financial Products
• But that doesnt mean theyre not up for grabs
• Differentiating to gain share
• Market Drivers
• Increase in national wealth
  • Figure 3: Average per capita disposablepersonal income, 1998 - 3Q 2004
• Stock market wealth
  • Figure 4: S&P 500, 1995-2005
• Executive pay increases
  • Figure 5: CEO and professional employeepercentage change over prior year, 1994-2003
• The advice revolution
• Especially for mutual fundsFigure 6: U.S. self-directed retirementmarket, 1990-2003
• The mass affluent online
  • Figure 7: Total high-speed Internetpenetration and forecast, 2002-2007
  • Figure 8: Comparison of Mass Affluent andTotal Population use of Internet for Certain Activities, Fall 2004
• Retirement is in the news and people are worried
  • Figure 9: Thought given to financial needsin retirement, by age, 2004
• Financial institutions in search of profitable segments
• Smoothing out revenues
  • Figure 10: Top commercial banks changesin net gains and losses from trading, 2000-2004
• Mass affluent are in the sweet spot
  • Figure 11: Wachovia: Cost to serve marketsby segment, August 2004
• Baby Boomers are about to peak in earning power
  • Figure 12: U.S. population by generation,2004
  • Figure 13: Median net worth by age,1993-2000
• Market Size & Trends
• Overview
  • Figure 14: The number of households withnet worth between $100,000 and $1 million, 1992, 1995, 1998, and 2001
• Revenue potential
  • Figure 15: U.S. revenues to financialintermediaries, by wealth category, 2001
• Market Segmentation
• Overview
• Segmentation by wealth
  • Figure 16: U.S. household population byinvestable assets, 2003
  • Figure 17: Composition of household wealthby wealth class, 2001
  • Figure 18: Segmentation of U.S. populationby net worth, 1992-2001
  • Figure 19: Rate of ownership of variousinvestments, by wealth class, 2001
  • Figure 20: Composition of household wealthby wealth class, 2001
• Supply Structure
• Overview
• Top providers
  • Figure 21: Top 10 financial firms withwhich mass affluent have accounts, Fall 2004
• Sales by institution
• Banks selling brokerage services through branches
  • Figure 22: Income from sales and servicingof mutual funds and annuities, 2003 and 3Q 2004
• Mass Affluent provider profiles
• Wachovia
  • Figure 23: Wachovia cost and revenue bysegment, 2004
• JPMorgan Chase
  • Figure 24: JPMorgan Chase portfoliomanager program, 2005
• Fidelity Investments
• Retirement roll-oversCharles Schwab
• Personal choice for the mass affluent
  • Figure 25: Schwabs advice offerings,2005
• American Express Financial Advisors
  • Figure 26: Rankings of brokers inForrester survey, 2003
• Online brokerage for the mass affluent
  • Figure 27: Kiplingers ranking of onlinebrokerage firms for affluent clients, 2004
  • Figure 28: Online brokers specialservices provided for affluent clients, 2004
• Trends in Products
• Cost/Benefit analysis of serving the mass affluent
• Separate/Managed accounts
• Advertising & Promotion
• Targeted marketing
• BroadcastFigure 29: Top five non-bank, non-creditcard financial firm television spending, 2003
• MagazinesFigure 30: Top financial magazineadvertisers 2002-August 2004
  • Figure 31: Advertising spendingallocations, 2002 and 2003
• Company Profiles
• American Express Financial Advisors
• E*TRADE
• Fidelity
  • Figure 32: Fidelity billboardadvertisement for its IRA product, February 2005
• Morgan Stanley
• Merrill Lynch
  • Figure 33: Merrill Lynch commercial,November 2004
• UBS
  • Figure 34: UBS phone booth advertisementfor art exhibit, February 2005
• The Consumer
• Mass affluent ownership of financial products
  • Figure 35: Investor profile of MassAffluent population, Fall 2004
  • Figure 36: Ownership of financialproducts, total surveyed population vs. mass affluent, Fall 2004
  • Figure 37: Ownership of securities byincome percentile, 1992-2001
  • Figure 38: mean values of financial assetsowned, Fall 2004
• Mass affluents usage of financial services
  • Figure 39: Types of financial servicesused in the last three years, by gender, December 2004
  • Figure 40: Types of financial servicesused in the last three years, by age, December 2004
  • Figure 41: Types of financial servicesused in the last three years, by household income, December 2004
  • Figure 42: Types of financial servicesused in the last year, by region, December 2004
• Management of accounts
  • Figure 43: Management of accounts, bygender, December 2004
  • Figure 44: Management of accounts, by age,December 2004
  • Figure 45: Management of accounts, byhousehold income, December 2004
  • Figure 46: Management of accounts, byinvestable assets, December 2004
  • Figure 47: Management of accounts, byregion, December 2004
• Opinions on the importance of certain attributes
  • Figure 48: Important attributes forcompanies and advisors to have, by gender, December 2004
  • Figure 49: Important attributes forcompanies and advisors to have, by age, December 2004
  • Figure 50: Important attributes forcompanies and advisors to have, by region, December 2004
• Method of conducting financial activities
  • Figure 51: Methods for conductingfinancial activities, by gender, December 2004
  • Figure 52: Methods for conductingfinancial activities, by age, December 2004
  • Figure 53: Methods for conductingfinancial activities, by investable assets, December 2004
  • Figure 54: Methods for conductingfinancial activities, by region, December 2004
• Willingness to pay for financial services
  • Figure 55: Amount spent on advisory andestate planning, by gender, December 2004
  • Figure 56: Amount spent on tax services,advisory and estate planning, by age, December 2004
  • Figure 57: Amount spent on tax andadvisory services, by household income, December 2004
  • Figure 58: Amount spent on tax andadvisory services, by region, December 2004
• Choosing an advisor
  • Figure 59: Choosing an advisor, by gender,December 2004
  • Figure 60: Choosing an advisor, by age,December 2004
  • Figure 61: Choosing an advisor, byhousehold income, December 2004
• Relationship with primary financial advisor
  • Figure 62: Relationship with primaryfinancial advisor, by gender, December 2004
  • Figure 63: Relationship with primaryfinancial advisor, by age, December 2004
  • Figure 64: Relationship with primaryfinancial advisor, by investable assets, December 2004
  • Figure 65: Relationship with primaryfinancial advisor, by region, December 2004
• Summary
• Future & Forecast
• Future trends
• Technology driven platforms
• Open architecture
• Collaborative online activity
• The effects of increased accountability
• Market forecast
• Households with net worth between one hundred thousand and onemillion dollars
  • Figure 66: Forecast of U.S. householdswith net worth between $100,000 and $1 million *, 2004-2009
• Forecast factors
• Appendix: Trade Associations
• Appendix B: Comperemedia Mail Images
• Bank of America Wealth Management
• Fidelity IRA
• American Express Financial Advisors