NU Online News Service, July 2, 2003, 5:53 p.m. EDT – Wealthy people who want to give to others may make great prospects for financial advisors, according to results of a survey of wealthy U.S. residents sponsored by The Phoenix Companies Inc., Hartford.
Phoenix hired researchers at Harris Interactive Inc., Rochester, N.Y., to conduct a Web-based survey of U.S. household financial decision-makers who come from homes with a net worth of at least $1 million.
Phoenix used the survey answers to divide the wealthy into six groups: Deal Masters, Altruistic Achievers, Secret Succeeders, Status Chasers, Satisfied Savers and Disengaged Inheritors.
Members of some groups were wealthy but also reluctant to seek professional financial advice.
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Phoenix describes the Deal Masters, or 11% of the survey participants, as relatively young dealmakers who have an average age of 49 and a “winner takes all” attitude about life. They have achieved an average net worth of $3.5 million.
But they have lost an average of only 23% of portfolio value over the past three years, and 91% believe that they are very or fairly financially knowledgeable. Fifty-six percent say they rarely seek professional financial advice, Phoenix says.
Phoenix recommends that advisors try to reach Deal Masters by using a results-oriented approach and showing how insurance products can fit in with the many products that the Deal Masters already own.