Wealthy US investors have differing views on what defines wealth management services, according to a survey by US specialist research firm Spectre.
The report, entitled Defining Wealth Management, suggests that only 36 percent of respondents believe they are currently receiving wealth management services, while 30 percent say wealth management services are only appropriate for those with more wealthy. Exactly half said in order to qualify for wealth management services an individual needs at least $1 million.
“Terms such as ‘wealth management’ and ‘financial planning’ are undefined in the industry, and investors have no clear understanding of what advisory firms offer based solely on the titles they give themselves,” said Spectrem President George H. Walper, Jr. “The study determines how investors perceive providers and advisors based on the titles they use, and discovers which investors might be turned away simply because of the title of the firm and the phrases used to describe their services.”
The survey questioned investors with a household net worth of up to $25 million.