SOURCE: Spectrem Group

December 20, 2013 08:00 ET

Report Finds Investors and Financial Providers Have Differing Views of 'Wealth Management'

CHICAGO, IL--(Marketwired - Dec 20, 2013) - Many financial firms offer 'Wealth Management' services, but they're often inconsistent with investors' expectations for and understanding of a wealth management package, according to Spectrem Group's latest eZine, Defining Wealth Management. The eZine explores the specific services investors expect from a firm offering wealth management, their preferred wealth management providers and the reasons some investors express reservations about using wealth management services. Significant findings in the report include:

  • Fifty-three percent of investors with a net worth over $5 million feel they are receiving wealth management services.
  • Forty-nine percent of investors say wealth management services are appropriate for their needs, although there is a significant difference of opinion between investors with a net worth over $1 million and those with a net worth under $1 million.
  • Forty-five percent of investors obtain wealth management services from a financial planning firm or a brokerage firm; other investors say they get wealth management services from banks, mutual fund companies and accounting firms.
  • Seventy-seven percent of male investors are familiar with the term "wealth management'' while only 63 percent of females are familiar with it.

"While the term 'wealth management' does remain unclear to some investors, the perception of the term wealth management has improved,"' said Spectrem Group President George H. Walper Jr. "There is a clearer understanding of the services that are expected in wealth management, including a focus on a comprehensive financial plan, investment planning and management and tax planning."

Additional insights from the report are available on Spectrem's website:

About Spectrem Group
Spectrem Group ( strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.

Charts, full methodology and summary insights available upon request; public use requires written permission from Spectrem Group.