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Comprehensive planning on the rise: US survey

A US-based survey has found the number of investors that believe a “comprehensive financial plan” is a key component of wealth management is on the rise.

US market research firm Spectrem Group surveyed more than 1,000 US investors online in 2013 – in combination with face to face interviews and focus groups with investors in New York, Denver and Tampa – and found some interesting statistics about perceptions of wealth management services.

The survey found that the “percent of investors who believe a ‘comprehensive financial plan’ is a key component of wealth management services has jumped 6 percentage points to 84 per cent over the past five years, according to the results published in US trade publication Financial Planning.

The survey also found a gender divide, with 70 per cent of male investors indicating they are familiar with the term “wealth management” while only 63 per cent of female investors responded thus.

In addition, the survey gave a glimpse into where American investors are receiving professional advice services from, with 45 per cent indicating they obtain wealth management services from a “financial planning firm or a brokerage firm” with others listing banks, mutual funds and accountants.