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Kim Butler
President

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX



BIOGRAPHY:
I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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Banks Favored by High Net Worth Investors

 More young high net worth investors prefer Wells Fargo.

| BY Kent McDill


Among high net worth investors, Bank of America and Wells Fargo are the preferred institutions used as the primary bank, according to an annual Spectrem study.

Spectrem’s annual examination of advisor usage among affluent investors - Advisor Relationships and Changing Advice Requirements - shows that Bank of America and Wells Fargo are the primary bank of 16 percent each among investors with a net worth between $5 million and $25 million. Eleven percent of these Ultra High Net Worth investors use JP Morgan-Chase, and those three banks are the only ones garnering at least 10 percent of the UHNW investor market for primary banking purposes.

(Forty-two percent of investors selected banks that did not get at least 1 percent of the investors surveyed).

Segmented by age, Bank of America had 18 percent of investors over the age of 64. Twenty percent of the youngest investors – those under the age of 48 – chose Wells Fargo. Among investors between the ages of 48 and 54, JP Morgan-Chase and PNC each garnered 15 percent of the UHNW investors.

The wealthiest investors were more likely to go with a name brand institutions for banking services. For instance, among investors with a net worth between $15 million and $25 million, 20 percent work with Wells Fargo, 17 percent work with Bank of America, 12 percent go with JP Morgan-Chase and 7 percent use Citibank.

Twenty-six percent of Business Owners and 25 percent of Managers use Bank of America, while 22 percent of Professionals use Wells Fargo. Among Senior Corporate Executives, 19 percent use Bank of America, 16 percent use Wells Fargo, 15 percent use JP Morgan-Chase and 7 percent use PNC Bank. Also, 5 percent of Senior Corporate Executives use US Bank.

Five percent of Professionals use Charles Schwab.

There was some change from the bank usage report from 2013. For instance, Wells Fargo dropped from 20 percent overall to 16 percent, while Bank of America increased its UHNW investors from 14 percent to 16 percent. JP Morgan Chase also dropped from 13 percent to 11 percent overall.



About the Author


Kent McDill

kmcdill@spectrem.com

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.