2014 WEALTH AND WORTH VIDEO TRANSCRIPT

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1 2014 WEALTH AND WORTH VIDEO TRANSCRIPT [Intro] 2014 U.S. TRUST INSIGHTS ON WEALTH AND WORTH PLEASE SEE IMPORTANT INFORMATION AT THE END OF THIS PROGRAM [Voiceover] U.S. Trust s Insights on Wealth and Worth is one of the most in-depth studies of its kind. This year s survey showed how Shifts in family structure and gender roles alter the way people view their wealth. shifts in family structure and gender roles alter the way people view and manage their wealth. 1

2 [Chapter 1] Diverse family structures add complexity to wealth management. The survey showed that the modern American family is more complex and diverse than it once was. Women s control and influence on family assets are increasing. Wives now enter marriage Women entering marriage with assets spouse with equal or greater financial assets than their spouses more than half of the time. 52% Women entering marriage with assets spouse Women are primary earner And 33% of women contribute income equal to or greater than their spouse. 52% 33% 2

3 As a result, women are playing an increasingly active role in wealth planning and decision making. At the same time, family issues and considerations are becoming increasingly complicated. For example, nearly half of wealthy families have experienced disruptions that caused at least some risk to family wealth. 46% Disruption or change in family dynamic 3

4 The five circumstances that cause the greatest risk to family wealth are: What causes greatest risk to family wealth? The untimely death or disability of an income earner Divorce Death/Disability Death/Disability Divorce Medical crises Addictions and impulsive behavior Medical crises Death/Disability Divorce Medical crises Addictions and disagreement over inheritance Disagreements 4

5 Unfortunately, families are not always prepared to address these risks. Married couples who have a plan to address long-term care for themselves Only 38% of married couples have a plan in place to address long-term care costs for both partners, 38% and only 10% have one to address these costs for their aging parents. While 59% of wealthy people have provided substantial financial support to adult family members, 59% of wealthy people provided substantial financial support to adult family members only 3% have a plan for it. 3% have a plan Although wealth doesn t eliminate life s difficulties, good planning can mitigate the impact. 5

6 [Chapter 2] The great intergenerational transfer of wealth An important part of planning for wealthy families is to prepare the future stewards of wealth. Current stewards Baby Boomers and older are mostly self-made. A majority of Baby Boomers grew up middle- or lower-class, and earned their own wealth. 78% of Baby Boomers earned their own wealth But their children and grandchildren are growing up wealthy and more likely to receive family money. Millennials who have received an inheritance For example, half of Millennials are the second or third generation in their family to be wealthy. And about the same number have already received a financial inheritance. 49% 6

7 But is the next generation truly ready to receive these assets? Only 38% of wealthy parents have fully disclosed their financial status to their adult children older than 25, Wealthy parents who think children will be well prepared for inheritance and only 38% of them strongly agree their children will be well prepared to handle the inheritance planned for them. 38% Families can take proactive measures to educate children about the responsibilities and opportunities that come with wealth. 7

8 [Chapter 3] Using wealth for meaning and impact While a majority of the wealthy want to provide for future generations, they also seek impact beyond their own families. The wealthy feel strongly about creating positive social change. They rank giving back to society among the most important uses of their wealth. Wealthy willing to help create greater income equality The wealthy are also very concerned about income inequality 89% and want to address it. 8

9 In addition, two-thirds of all wealthy investors prefer investment strategies that take a socially positive approach. 66% would rather seek out good companies than eliminate bad ones Millennials are a driving force in the movement to use wealth for social impact. Three-quarters consider the social and environmental impact of the companies they invest in to be important, 60% of Millennials believe they can earn market returns while investing for social or environmental impact 60% believe they can earn market returns while investing for social or environmental impact. The growing influence of Millennials extends to other forms of investing, as well. 9

10 [Chapter 4] Investing for prudent growth As markets have improved, high-net-worth investors are feeling more optimistic, but concerns remain and vary by gender and generation. While six out of ten wealthy investors value growth over asset protection, Asset growth Lower risk they are still surprisingly wary: 58% said they would pursue lower-risk strategies, even if it meant giving up some return. 61% 58% 10

11 Uncertainty about the future is also suggested by the large cash positions in some portfolios. Large cash positions suggest uncertainty Feel uncertain 60 percent hold more than 10% cash in their portfolio. 60% 11

12 As a reflection of both uncertainty and the desire for growth, many of the wealthy are interested in investments that do not correlate with the broad market. 68% of investors either own or are interested in tangible assets. 68% of investors own or are interested in tangible assets 12

13 As complex as planning for today s family dynamics can be, a thoughtful approach that considers extended family dynamics, age and gender can better prepare today s family for the future. [Conclusion] To learn more, visit ustrust.com/survey Contact a U.S. Trust advisor to discuss how these findings may have an impact on your own wealth planning. To learn more, visit ustrust.com/survey 13

14 [Disclosures: On screen only; not part of voiceover] IMPORTANT INFORMATION Opinions and findings expressed herein reflect those of the 2014 U.S. Trust Insights on Wealth and Worth survey, and may differ from those of U.S. Trust and Bank of America Corporation and its affiliates. The information presented in this video is for discussion purposes only and is not intended to serve as a recommendation or solicitation for the purchase or sale of any type of security. This video does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient. IMPORTANT INFORMATION Opinions and findings expressed herein reflect those of the 2014 U.S. Trust Insights on Wealth and Worth survey, and may differ from those of U.S. Trust and Bank of America Corporation and its affiliates. The information presented in this video is for discussion purposes only and is not intended to serve as a recommendation or solicitation for the purchase or sale of any type of security. This video does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient. SURVEY METHODOLOGY SURVEY METHODOLOGY The 2014 U.S. Trust Insights on Wealth and Worth survey is based on a nationwide survey of 680 high net worth and ultra high net worth adults with at least $3 million in investable assets, not including the value of their primary residence. Respondents were equally divided among those who have between $3 million and $5 million, $5 million and $10 million, and $10 million or more in investable assets. The survey was conducted online by the independent research firm Phoenix Marketing International in February and March of Asset information was self-reported by the respondent. The 2014 U.S. Trust Insights on Wealth and Worth survey is based on a nationwide survey of 680 high-net-worth and ultra-high-net-worth adults with at least $3 million in investable assets, not including the value of their primary residence. Respondents were equally divided among those who have between $3 million and $5 million, $5 million and $10 million, and $10 million or more in investable assets. The survey was conducted online by the independent research firm Phoenix Marketing International in February and March of Asset information was self-reported by the respondent. Verification for respondent qualification occurred at the panel company, using algorithms in place to ensure consistency of information provided, and was confirmed with questions from the survey itself. All data have been tested for statistical significance at the 95% confidence level. Verification for respondent qualification occurred at the panel company, using algorithms in place to ensure consistency of information provided, and was confirmed with questions from the survey itself. All data have been tested for statistical significance at the 95% confidence level. Investment products: Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC Bank of America Corporation. All rights reserved. AR9DFNBX 06/2014 Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC Bank of America Corporation. All rights reserved. AR9DFNBX 06/

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