Friday, September 23, 2005

Top dogs' top firms

The wealthiest Americans have excellent brand awareness of the big investment firms yet many of them favor small, boutique asset management outfits.

These are the findings of the Luxury Institute, a New York firm that surveys the upper 10% of Americans about their preferences. These upper-crusters represent about 11 million households with an average net worth of $2.7 million and they own 77% of all stocks and mutual funds.

The survey indicated that wealthy Americans enjoy the attention lavished upon them by boutique wealth management firms and the independence of their advisors.

They were asked:

"Which wealth management brands are you aware of?"
  • Merrill Lynch 82%
  • Charles Schwab 76%
  • Smith Barney 73%
  • Fidelity 69%
  • Goldman Sachs 65%
  • Morgan Stanley 65%
  • J.P. Morgan Private Bank 62%
  • Citigroup Private Bank 60%
  • Lehman Brothers 60%
  • Bank of America 54%

No comments: