Some large institutions have decided that the mass affluent are not worth the effort.
In his new book he looks at the rise of the mass affluent class and its discontents.
The number of satisfied Millionaire investors, at 72 percent, and Mass Affluent, at 69 percent, is even lower.
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Whether to offer face-to-face advice is, in fact, a fiercely debated issue among financial institutions that target the mass affluent.
In fact, 52% of the mass affluent investors said their financial situation is the same as it was a year ago.
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Barring any unseen cataclysmic events, these so-called mass affluent investors are the people who could be taking you out of your stocks at higher prices.
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It found that 57% of mass affluent investors believe it will be harder to save for the long-term five years from now compared to today.
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Shelby held two factors responsible for mass affluent people pushing back their target retirement dates: the rising cost of healthcare and excessively conservative investment choices.
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Looking at the mass affluent, 41 percent consider themselves conservative investors.
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Ameriprise, the financial planning firm known for targeting mass affluent investors, is dealing with a massive legal problem that could shut down one of its subsidiaries.
Money to compete with the likes of Bloomberg Pursuits and DuJour, all peddling stories about wealth, and ways to spend it, to the mass affluent.
Harris thinks investors with small balances have a large menu of funds to choose from, but the mass affluent are limited if they want sophisticated options.
Late last month Bank Vontobel, another Swiss private bank, abandoned its plans to offer an online bank aimed at the mass affluent, citing costs and the time required to make profits.
Common to all hopeful theories about the mass affluent is the belief that they want to take their money out of low-yielding current accounts and put it into shares and mutual funds.
Many banks are pursuing the top tier customers, commonly called the mass affluent and discourage or turn away the tier which does much of its shopping at discount stores like Kmart and Walmart.
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Even more gloomy is the fact that 27% of the mass affluent were tapping their long-term savings to meet short-term financial needs Some were using their savings for monthly living expenses like bills and groceries.
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Football is a mass affluent audience.
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In both France and Germany, reckons McKinsey, the expense of financial advisers means that it currently costs more to advise the typical mass-affluent customer than his investments give back in fees.
Banks are also shifting their focus away from the mass market consumer toward the affluent.
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