Exploring Wealth Potential Across the Spectrum of Investors:

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1 Insights on Advice Exploring Wealth Potential Across the Spectrum of Investors: Findings from the 2014 Fidelity Millionaire Outlook Study uncover valuable insights from the emerging affluent to the deca-millionaire The Fidelity Millionaire Outlook Study, 1 now in its seventh year, typically analyzes the investing attitudes and behaviors of millionaire households. Since Fidelity research shows that 55% of participating advisors 2 are planning to target emerging and mass affluent investors in the next five years, this year s study 3 surveyed investors across a wider spectrum to assess their ability to accumulate wealth. The findings shed light on the true wealth potential of emerging affluent investors, 4 showing they are well positioned to potentially attain millionaire status. Most importantly, these investors have very similar attitudes and behaviors to today s millionaires when it comes to handling their wealth. Inside: 1. A Changing Investor Landscape 2. Asset Accumulation Potential 3. Wealth Mindset 4. Steps to Help Increase Wealth 5. Summary This paper examines four distinct investor segments to uncover lessons for investors and advisors that may help drive wealth creation. 1 The study involved a total of 1, minute online interviews, completed from July 14 to 28, Respondents were screened by a minimum in investable assets (excluding retirement assets and primary residence), age, and income levels. The sample was provided by Bellomy Research s network of online panel partners, a third-party firm not affiliated with Fidelity Investments. 2 Based on advisors who participated in the 2014 Fidelity Advisor Insights Study, part of Fidelity s Insights on Advice program. This was an online, blind survey (Fidelity not identified) fielded during the period of September 18 through October 6, Participants included 933 advisors from across multiple firm types who work primarily with individual investors and manage a minimum of $10 million in individual or household investable assets. Bellomy Research, an independent third-party research firm not affiliated with Fidelity Investments, conducted the study. 3 The term study used throughout this paper refers to the 2014 Fidelity Millionaire Outlook Study. 4 Emerging affluent are ages with investable assets of $50,000 to less than $250,000, and household income of $100K or more. Investable assets include: cash, checking accounts, savings accounts, certificates of deposit, money market funds, mutual funds, exchange-traded funds, stocks, bonds, futures, options, 529 plans, IRAs, SIMPLE, Keogh retirement funds, annuities, hedge funds, separately managed accounts, lifecycle funds, and collectibles (e.g., precious metals, art, wine) purchased for investment purposes; excludes any real estate or investments in 401(k), 403(b), pensions, or other employer-sponsored retirement plans.

2 1 A Changing Investor Landscape Many advisory firms tend to focus on an older and wealthier segment of the market. According to the Fidelity 2014 Executive Forum Poll, 5 seven in 10 participating firms said that investors 49 years of age or older, or those with $1 million or more in investable assets, dominate their current client acquisition strategy. But times are changing, and an increasing number of advisors recognize the need to think beyond their typical client base as they look to the investor of the future. Advisors Continue to Target an Older, Wealthier Investor 49+ YEARS OLD potentially necessary adjustment. Of course, a person s ability to accumulate wealth over time depends on a number of factors, including their financial outlook and attitudes, age, income level, investment strategy, and savings rate. As we look forward, which groups of investors will be able to maximize their wealth potential? OR $1 million 5 IN INVESTABLE ASSETS Many Factors Affect Wealth Potential FINANCIAL ATTITUDE Approximately 90% of the American population has $500,000 or less in investable assets. Cerulli Associates 6 This new focus is not a surprise given the thousands of baby boomers who are retiring every day, 7 and the reality that a younger generation will take their place. With $1 trillion projected to transfer to Gen X/Y 8 individuals every year for the next 40 years, 9 this shift also seems like a natural and To help investors and advisors keep an eye on the future, the 2014 Fidelity Millionaire Outlook Study took a different approach than in the past and explored a wider spectrum of investors, including the emerging affluent, the mass affluent, millionaires, and deca-millionaires. 10 By doing so, the study aims to help non-millionaires understand how specific traits may have helped millionaires and decamillionaires accumulate their wealth. It also seeks to help advisors understand how best to serve a new type of investor by pointing out similarities and differences that can exist when compared to today s traditional client. AGE INCOME INVESTMENT STRATEGY SAVINGS INHERITANCES LIFESTYLE DEBT LEVELS 5 The Fidelity 2014 Executive Forum Poll was conducted between May 4 and 7, Ninety-two registered investment advisor (RIA) and correspondent broker-dealer Fidelity clients attending Executive Forum completed questionnaires at the event. The results of this poll may not be representative of all financial advisors meeting the same criteria as those surveyed at the Fidelity 2014 Executive Forum. 6 The Cerulli Report, Advisor Metrics 2013, Cerulli Associates. 7 Baby Boomers Retire, Pew Research Center, December 29, Born between 1965 and Investor Brandscape Study, Cogent Research, Mass affluent: ages with investable assets, excluding workplace retirement accounts and any real estate holdings, of $250,000 to less than $1 million or age 55+ with investable assets, excluding workplace retirement accounts and any real estate holdings, of $500,000 to less than $1 million; millionaire: investable assets of $1 million to less than $10 million, excluding workplace retirement accounts and any real estate holdings; deca-millionaires: investable assets of $10 million or more, excluding workplace retirement accounts and any real estate holdings. 2

3 Four Affluence Levels Across the Wealth Spectrum 11 Emerging Affluent MASS Affluent Millionaires Deca-Millionaires Median investable and retirement assets $250,000 $800,000 $2.5 million $11.75 million Average age % Female 68% 48% 40% 23% White/Caucasian 75% 91% 91% 91% Median annual household income employed Median annual household income retired $125,000 $125,000 $200,000 $875,000 NA $75,000 $125,000 $375,000 % Retired 1% 38% 51% 55% Findings revealed that some characteristics remain constant despite one s level of affluence, while other traits change along the spectrum of wealth. Findings also revealed that the emerging affluent are well poised to become millionaires perhaps even surpassing the wealth of today s millionaires. In addition, the emerging affluent may soon be seeking advice, because the majority (90%) who don t use an advisor feel they aren t knowledgeable enough about investments to make decisions on their own. With digital advice options starting to compete for this younger, tech-savvy population, it may be time for advisors to reach out more actively to this group. Among emerging affluent Gen X and Gen Y investors, 29% surveyed were familiar with digital advisors, and 7% already work with one today. The sections that follow look at two important factors that can help to determine whether investors may increase their wealth over time: asset accumulation potential and wealth mindset. This is followed by a look at steps investors and advisors might consider to put an investor s potential and mindset into motion to help them increase their wealth. 2 Asset Accumulation Potential Not surprising, study participants who have already surpassed the milliondollar mark in terms of investable assets are older than the emerging or mass affluent, and have had more time to build their nest eggs. These millionaires and deca-millionaires represent the investors that many advisors are focused on today, but new opportunities are coming to the forefront. 59% versus 51% Percentage of emerging and mass affluent investors who are seeking advice in this year s study versus in last year s study 11 As defined in the survey; all statistics in the paper are from the 2014 Fidelity Millionaire Outlook Study unless otherwise noted. 3

4 Emerging Affluent Investors Tend to Have Strong Millionaire Potential While the emerging affluent in the study may not be the most attractive group today in the eyes of many advisors, many factors point to their ability to accumulate wealth over time: Young age. On average, emerging affluent investors surveyed are just 40 years of age, and they have time on their side to gather assets. High-potential professions. Many of the emerging affluent surveyed have pursued similar professions to today s millionaires, including IT and finance/ accounting. While they might be at lower-level positions than millionaires, they have a number of years in front of them to move up the ladder. High income. At $125,000, the median annual household income for this group substantially exceeds the median U.S. household income. 12 Similarities in Chosen Professions Between the Emerging Affluent and Millionaires 27 Emerging Affluent Information Technology 13% Average number of years left before the emerging affluent reach the normal retirement age of 67* *Retirement age: Social Security, Millionaires Education 12% Medical 9% Information Technology 11% Finance/Accounting 9% Finance/Accounting 11% 2.5X Amount by which the median annual household income of the emerging affluent exceeds the median U.S. household income The Emerging Affluent are Poised to Move Up the Wealth Spectrum Current Wealth Emerging Affluent $250,000 Mass Affluent $800,000 MILLIONAIRES $2.5 million DECA-MILLIONAIRES $11.75 million Time horizon to age 67 (in years) 9 years 5 years 3 years 27 years 12 Based on median total population U.S. income of $51,939 in 2013; US Census Bureau. 4

5 If the emerging affluent follow a diligent savings and investment plan, they can potentially benefit from the effects of compounding over the years. Their ability to save may also be influenced by possible inheritances, given that one-third (33%) surveyed indicated they are likely to benefit from an inheritance of $25,000 or more. The Mass Affluent May Approach the Millionaire Mark, But There is Potential for Some to Plateau With 55% of mass affluent investors still being employed, and an average age of 58, they could potentially become millionaires, but this will require a strong focus on saving and investing. Those who are currently retired will need to closely guard their wealth. With a median annual household income of $75,000, they may need to tap into their assets for ongoing expenses depending on their lifestyle. They, too, will likely need to put in place prudent savings and investment strategies to help them protect and/or build their assets. Primary Source of Household Income Changes with Wealth* Primary source of current household income Salary from employer Proceeds from owning a business Capital appreciation of investments Investments: dividends and/or interest Pension Emerging Affluent Percentages in bold in this table and others highlight a large difference when compared to others. *Percent of investors indicating their primary source of current household income. Deca-Millionaires Continue to Accumulate Wealth, While Millionaires May Slow Down Deca-millionaires in the study stood out from others with respect to asset potential, having a very high median annual household income even in retirement ($375,000). While still relatively high, the median annual household income for working millionaires ($200,000) is far below that of working deca-millionaires ($875,000) and, with 51% of these investors being retired, they should consider being more cautious about spending and focused on effectively managing their portfolios. Mass Affluent Millionaires DecA- Millionaires 71% 48% 32% 9% 7% 6% 9% 17% 6% 12% 23% 27% 0% 1% 5% 14% 0% 11% 11% 4% Among both categories of millionaires, close to one-quarter claim that their primary source of household income comes from capital appreciation of investments. Proceeds from owning a business, dividends/interest, and company stock benefits are also important income generators for deca-millionaires. 5

6 3 Wealth Mindset Asset potential is important to maximize wealth, but investors need to have the right mindset to make it happen. Surprisingly, the emerging affluent have many of the same traits as wealthier investors traits that should help them build their wealth over the many years they have in front of them to save and invest. Investors Show a Capacity to Build Wealth Across all groups in the study, about eight out of 10 investors have earned or increased assets on their own. This preponderance of self-made wealth suggests that many of these investors have the capacity to work hard and/or invest in a smart manner to grow their asset base. This attitude/approach should help them as they strive to build their wealth going forward. Investors Have a Strong Focus on Wealth Creation According to the study, approximately three-quarters of investors in each group focus on long-term growth of their assets. As mentioned earlier, the mass affluent and millionaires will need to make their money work hard for them, especially as they near ~33% Percentage of emerging affluent, mass affluent, and millionaire investors concerned about supporting their desired lifestyle in retirement retirement and begin to end the asset accumulation stage of their lives. The emerging affluent are concerned with providing for their family s financial security, largely due to their relatively young age. They are also just as concerned as the mass affluent and millionaires with supporting the lifestyle they want in retirement, which should drive them to think about strategies to build their wealth now when they are working. Having the largest asset base of all groups, decamillionaires are most concerned with minimizing their tax bill (31% concerned about this). According to the study, the emerging affluent show a clear desire to get wealthier. Compared to others, they display a willingness to invest aggressively to help maximize returns, as well as a willingness to set aside a significant portion of their portfolio for riskier investments. This is a trait shared with deca-millionaires. A focus on retirement assets is another indicator that investors have the mindset to help reach their wealth potential. Across all groups, a large percentage of investors who use advice have their advisor either manage these assets or include them in the overall plan. For those whose advisors do not provide this support, a large percentage would like them to do so. Investors Recognize the Benefits of Financial Advice More than half of each group see the benefits of having professional support to achieve investment success, and believe that an advisor is important to make this happen. In addition, as advice usage increases, so too does an individual s level of confidence that their investment strategies are aligned with their long-term financial goals. The Emerging Affluent and Deca-Millionaires are More Alike Than One Might Think Attitudes Emerging Affluent Mass Affluent Millionaires DecA-Millionaires Invest aggressively with focus on maximizing returns 48% 33% 28% 36% Willing to set aside a significant portion of portfolio for risky investments 41% 28% 24% 32% 6

7 Views About Financial Advice Feel a financial advisor is important to achieve investment success Use a financial advisor Feel confident that their investment strategies are aligned with their longterm financial goals Emerging Affluent MASS AFFLUENT Millionaires DECA-Millionaires 51% 56% 56% 53% 48% 63% 70% 71% 56% 77% 88% 83% Close to half (48%) of the emerging affluent use an advisor, and the vast majority trust their advisor to make decisions that are in their best interest. In addition, a large percentage rely on their advisor to keep them on track. Over half (53%) who have professional support would also like to consolidate more of their assets with their primary advisor, suggesting a desire to build a deeper relationship to focus on their wealth. Investors are More Confident About the Future Financial Outlook than Today Views on the financial outlook 13 improve with wealth, perhaps, in part, because those in the millionaire categories feel more knowledgeable about investing. Deca-millionaires are the most optimistic about how things will look over the next 12 months. While millionaires appear to be more optimistic than the lower wealth segments, their views on the future have hit a five-year low. The emerging and mass affluent investors who engage an advisor have a more positive financial outlook than those who don t. Advisors may be providing the financial education and help these investors need to both bridge the knowledge gap and improve confidence. This is not seen at the upper ends of the wealth spectrum, however, where more assets are at stake and investment knowledge is stronger. Outlook: Scale of +100 (most favorable) to 100 (most unfavorable) TOTAL 14 ADVICE 1 19 NON- 8 TOTAL 15 ADVICE 19 NON- 9 TOTAL ADVICE NON- 28 TOTAL ADVICE NON Emerging Affluent Mass Affluent Millionaires DecA-Millionaires CURRENT CONFIDENCE INDEX FUTURE CONFIDENCE INDEX 13 Using a scale where +100 represents the most favorable outlook, zero is neutral, and 100 is the most negative outlook, the survey measures respondents confidence levels across five key areas the stock market, consumer spending, the economy, business spending, and the value of real estate. Combined, the five variables make up a cumulative current and future confidence level, or outlook. 7

8 4 Steps to Help Increase Wealth Assessing the similarities and differences of the wealth segments along the spectrum may provide interesting insights for both investors and advisors. Emerging Affluent Wealthier investors use an advisor more than the emerging affluent Emerging affluent investors not using an advisor may want to consider doing so to help design an appropriate investment plan and keep them on track to reach their financial goals. Advisors may want to point out that a relationship can potentially lead to different diversification strategies, such as considering alternative investments and real estate holdings in their portfolio if the eligible investor is informed about, and comfortable with, the related risks. Since almost one-quarter (23%) of emerging affluent investors feel that advisors are not interested in forming a relationship with them given their current level of assets, according to the study, it will be important for advisors to demonstrate that they are welcome. Advisors should also be aware that fees are an issue for this group, with 60% saying they would be more likely to work with an advisor if their fees were lower. It may be worthwhile to consider offering a different fee structure for a scaled-back set of services to get these investors involved in a relationship early on. The Potential Impact of Advice 27% versus 13% Percentage of emerging affluent investors using an advisor and not using an advisor who have alternative investments* in their portfolio 40% versus 24% Percentage of emerging affluent investors using an advisor and not using an advisor who have real estate in their portfolio The emerging affluent have a different demographic profile than that of other investors The next generation of investors will have a different demographic profile from today s typical baby boomer client. If working with an advisor, the emerging affluent should consider openly discussing their views and preferences so advisors can understand how they can best work together. In turn, advisors should consider the implications of this different investor profile for the style and frequency of communication, and the topics that will need to be discussed. They have some concerns with wealth creation According to the study, emerging affluent investors have concerns with their family's financial security, supporting their lifestyle in retirement, reducing household debt, and saving for a child s education and should consider taking steps to develop plans to handle these areas. If working with an advisor, they may also want to consider having retirement assets managed or included in a plan. Advisors should be aware that more than half (52%) of emerging affluent investors share investment decisionmaking responsibilities with others, and engaging spouses, partners, and family members may be important for any discussions about these important concerns. Emerging affluent investors who use an advisor would also like to see them provide more comprehensive services, such as tuition and risk planning. Taking steps on this front may help advisors satisfy the needs of existing clients as well as attract new ones. They need to build their investing confidence Despite being willing to invest aggressively, just under one-quarter of the emerging affluent feel knowledgeable about investing. They expressed an interest in learning more about typical asset classes, such as stocks, bonds, mutual funds, CDs, and real estate. Investors should consider *For example, private equities, structured products, and hedge funds. Including real estate investment trusts, but not including the investor s private residence. 8

9 tapping into online educational materials and tools to help increase their investing confidence, while advisors should consider adding this information and related tools to their Web sites, and discussing investment topics during client meetings. The emerging affluent are also tech savvy The emerging affluent are comfortable working with their advisor via voic , , and/or phone. The availability of online tools and resources also helps with their investment decisions. Investors should consider expressing their communication preferences to their advisors and discussing the types of online capabilities that are helpful. Advisors should consider evaluating their touch points and online offering to further enhance the client experience. This will be especially important given that 40% of emerging affluent investors surveyed feel that an advisor can be replaced by online automated investment tools. With the advancement of digital advice and do-it-yourself (DIY) capabilities, combining technology with the human touch may be a strong differentiator for advisors. Investor Takeaways 68% versus 23% Percentage of emerging affluent investors who are female versus deca-millionaires Emerging Affluent Consider using an advisor, like many wealthier investors Share your goals with an advisor, and check for understanding Take steps to manage debt levels, save for your child s education, and plan for retirement Access online educational materials from your advisor or other reputable firms to increase investing knowledge Evaluate the diversification strategies of wealthier investors, and seek advice about whether your portfolio is properly diversified Advisor Takeaways Emphasize the benefits of professional advice Focus on debt levels, education, and retirement planning Involve other family members in financial discussions Provide educational materials and online tools for clients Be transparent about pricing, and consider an alternative fee schedule for smaller accounts 32% Among advice users, percentage of emerging affluent investors who are interested in receiving college/education tuition planning 75% versus 91% Percentage of emerging affluent investors who are White/Caucasian versus all other investors 74% Percentage of emerging affluent investors who are comfortable working with their advisor via voic , , and/or phone 9

10 Mass Affluent Mass affluent investors want anywhere/ anytime access to an advisor While there are a number of selection criteria common to all investors when choosing an advisor, the mass affluent also look for an advisor who is accessible anywhere/anytime. Investors should evaluate an advisor s mobile offering and the degree to which they are equipped to handle documents electronically for a paperless experience. In turn, advisors should consider adding mobile apps, video conferencing, and cloud-based access to information to enable them to work remotely. This should complement rather than replace in-person interactions, since 66% of mass affluent investors prefer to meet face-to-face. Important advisor selection criteria for all investors: Proven track record Recommendation by others Advisor knowledge and expertise enough income for an investor s expected lifespan. Should investors need to tap into their assets to cover expenses in retirement, advisors may want to coach them on the most effective way to take money from their investments. Many are sole decision makers As the mass affluent age, it is important that both members of a couple are well versed in their day-to-day and long-term finances. Investors should 33% Percentage of mass affluent investors who are knowledgeable about investing 58% Percentage of mass affluent investors who are sole decision makers when it comes to investing consider including their partner in a review of their financial situation and asset allocation strategy to help bring them up to speed. Advisors should consider encouraging joint meetings and providing opportunities for partners to become more familiar with investment matters. Like the emerging affluent, they need to build their investing confidence More mass affluent investors feel knowledgeable about investing than the emerging affluent, but the percentage is still relatively small. Again, investors should consider becoming more familiar with the purpose of different financial instruments, and advisors should consider making education a larger part of the offering, either via their Web site and/or during client conversations. Retirement planning is a concern for the mass affluent too As many mass affluent approach retirement age, they will need to be focused on accumulating assets while they are still employed. Investors should consider a savings and investing program that is appropriate for their remaining working years, and advisors should consider discussing how best to transition to retirement and generate Investor Takeaways MASS Affluent Ask specific questions to make sure an advisor will meet your availability and accessibility needs Help increase savings while still employed Develop a retirement income plan Access online educational materials from your advisor or other reputable firms to increase investment knowledge Ensure that your partner is well versed in all financial matters, and attend advisor meetings together Advisor Takeaways Equip your advisors with technology that enables access from anywhere Develop a plan to help increase savings while the client is still employed Develop a retirement income plan for clients Involve both partners in financial discussions Make sure your communication strategy includes educational materials to help clients stay informed 10

11 Wealthy Investors are More Diversified Than Others Percentage of Investors Holding Different Asset Classes Alternative investments (e.g., private equities, structured products, hedge funds) Emerging Affluent Mass Affluent Millionaires DECA-MILLIONAIRES 20% 14% 20% 40% Annuities 32% 40% 44% 34% Individual domestic bonds 20% 27% 39% 58% Individual domestic stocks 43% 64% 75% 69% Certificates of deposit (CDs)/money market accounts/cash equivalents 42% 47% 56% 49% Equity exchange-traded funds (ETFs) 20% 20% 34% 37% Domestic bond mutual funds (including lifecycle funds) 27% 37% 52% 54% Domestic equity mutual funds (including lifecycle funds) 25% 42% 54% 56% Domestic blended bond and equity mutual funds (including lifecycle funds) 18% 29% 35% 32% International mutual funds 24% 29% 45% 41% Real estate investments (including real estate investment trusts, but not including primary residence) 31% 31% 43% 54% International/emerging individual securities 16% 20% 29% 42% Managed accounts (e.g., separately managed accounts, wrap accounts) 26% 24% 33% 40% Millionaires Many millionaires want advisors to be validators In addition to the criteria highlighted, millionaires also look for an advisor that shares their investment philosophy. Just under one-quarter (24%) delegate investment decision making to their advisor, while many more look to an advisor for validation of their decisions, making alignment of the approach important. Millionaires also worry about maintaining their lifestyle in retirement, and will likely want an advisor who can help them address this concern. Investors looking for support should consider evaluating an advisor s approach to asset allocation and rebalancing, while advisors should consider being transparent about their overall philosophy and investment style during the sales process, and discussing retirement planning. They use a broad range of financial vehicles While views on risk, return, and the complexity of specific investments remain consistent across wealth groups, investing styles evolve with wealth. More millionaires who participated in the study include bonds, real estate investments, and managed accounts in their portfolio than the emerging or mass affluent. In addition, more millionaires include individual domestic stocks in their portfolio than all other investors. 44% Percentage of millionaires who validate investment decisions with an advisor 61% Percentage of millionaires who are active users of technology when it comes to financial activities 69% Percentage of emerging affluent and millionaires who expect technology to be part of managing their finances 11

12 Millionaire investors should consider reviewing their asset allocation strategies to see if they are properly diversified. In addition, emerging and mass affluent investors should look at the financial vehicles being used by millionaires to see if this can guide their own strategies. With 23% of millionaires being concerned about maintaining their household s wealth, advisors should consider discussing suitable portfolios for asset protection as well as growth. Active Use of Technology is Common with Millionaires Millionaires are active users of technology when it comes to financial activities just like the emerging affluent. Similarly, millionaire investors should consider reviewing the type of technology being used by an advisor during the sales process, and encourage their existing advisors to adopt new technologies to improve how they work together. Advisors should assess which applications investors value most. Since a number of industries have raised the bar in terms of providing engaging and seamless experiences for consumers through technology, it has become even more important for advisors to keep pace. Investor Takeaways MILLIONAIRES Assess an advisor s investment philosophy to make sure it aligns with your own Ensure that your partner is well versed in all financial matters, and attend advisor meetings together Consider a more conservative investment strategy as retirement nears Work on a retirement income plan Ask specific questions to assess whether an advisor uses technology to facilitate working together Advisor Takeaways Have a transparent approach to investment management Discuss a plan for asset protection and growth with clients Develop a retirement income plan for clients Involve both partners in financial discussions Evaluate your technology strategy to ensure you are providing an easy and enjoyable client experience Deca-Millionaires Deca-millionaires tend to use multiple advisors Like millionaires, deca-millionaires look for an advisor who shares the same investment philosophy. They also value having a personal connection, and many (40%) turn to their advisor to validate their decisions. Decamillionaires are also more likely to use two or more advisors than any other segment. Deca-millionaire investors should consider spending time getting to know an advisor before agreeing to work together to see if the dynamic is right and the advisor is comfortable in the role of validator. Advisors will need to broaden their discussions with these investors to create that personal connection and strive to become one of the main advisors being used. They use a broad range of financial vehicles More deca-millionaires hold assets such as alternative investments, derivatives, and individual emerging market securities than other wealth groups. These investors may want to continue learning more about these asset classes, and adjust their asset allocation as market conditions change. Since reducing taxes is a major concern for these ultra-wealthy households, advisors should consider helping them manage their portfolio for tax efficiency. 12

13 Wealth transfer is a concern for deca-millionaires Not surprising given the assets they have accumulated, estate planning is one of the major concerns facing decamillionaires. Investors should consider reaching out to a professional to create a suitable plan for transferring wealth, and doing so in a tax-efficient manner. Since deca-millionaires are the largest group of sole decision makers, advisors helping with investment or estate planning should ensure that other family members are involved. Deca-millionaires also use technology Technology is also important for decamillionaires, and 59% are active users when it comes to financial activities. Many use technology to simplify or reduce investment management and financial planning issues. Again, investors should consider reviewing the type of technology being used by advisors, and advisors should consider adding other online capabilities to stay relevant and enhance the client experience. 64% Percentage of deca-millionaires who are knowledgeable about investing Investor Takeaways DECA-MILLIONAIRES Have in-depth discussions before choosing an advisor to establish a personal connection Assess an advisor s investment philosophy to make sure it aligns with your own Learn more about financial vehicles that support tax-efficient investing Develop an estate plan Involve your partner and adult children to ensure a smooth transfer of wealth, when the time comes Advisor Takeaways Have a transparent approach to investment management Build a plan to deepen your personal connection with each client through events, communications, meetings, etc. Discuss tax-efficient investment strategies and estate planning with clients Invite both partners to every meeting to foster strong relationships with each member of the couple Develop a specific plan to establish or build relationships with the adult children of your clients 5 Summary Looking at similarities and differences among groups across the wealth spectrum can help provide interesting insights for investors and advisors regarding strategies for maximizing wealth. Adopting some of the ideas in this paper may help investors as they strive to achieve their goals. In addition, advisors may find new ideas for enhancing the way in which they serve clients, helping these investors move across the spectrum. Learn more: 2 Digging into Digital Advice 2 Millionaires of Tomorrow 2 Plan, Diversify, and Differentiate: Three Strategies of High-Performing Advisors 75% Percentage of deca-millionaires who are sole decision makers 64% Percentage of deca-millionaires who use technology to simplify/reduce investment management/financial planning issues 13

14 200 seaport boulevard boston, ma For additional information, please contact your Fidelity representative, call our main number at , or visit our Web site to access resources and to learn more about Fidelity s insights on advice. The experience of the millionaires who responded to the Fidelity Millionaire Outlook survey may not be representative of the experiences of all investors and is not indicative of future success. Bellomy Research is an independent third-party research firm and is not affiliated with Fidelity Investments. The content provided herein is general in nature and is for informational purposes only. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions as there may be other factors you should consider. Fidelity Investments does not provide advice of any kind. You should conduct your own due diligence and analysis based on your specific needs. Third party marks are the property of their respective owners; all other marks are the property of FMR LLC. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments. Fidelity Family Office Services is a division of Fidelity Brokerage Services LLC. Fidelity Capital Markets is a division of National Financial Services LLC. Fidelity Clearing and Custody provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. If receiving this piece through your relationship with Fidelity Financial Advisor Solutions (FFAS), this publication is provided to investment professionals, plan sponsors, institutional investors, and individual investors by Fidelity Investments Institutional Services Company, Inc. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield RI FMR LLC. All rights reserved

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