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City:Atlanta

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APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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Favored Financial Providers for Highest Net Worth Investors

Banks and law firms are the most recognizable types of financial providers for the highest net worth investors.

| BY Kent McDill

Investors with the highest net worth have a keen knowledge of financial providers, and their interest is in several different types of providers, ranging from banks to insurance companies.

According to a Spectrem’s Millionaire Corner study of affluent investors, those with the highest net worth are most familiar with Bank of America and Fidelity.

The highest percentage (79 percent) of investors with the highest net worth ($15 million and $25 million, not including primary residence) indicated they are most familiar with Bank of America, while 77 percent said they were familiar with Fidelity.

Other companies on the radar of a majority of respondents with the highest net worth were Citi (68 percent), Merrill Lynch (66 percent), JPMorgan Chase and Morgan Stanley (62 percent each), Barclays (61 percent) and Goldman Sachs (60 percent).

Overall, those investors with the highest net worth are most familiar with banks (83 percent), while 80 percent said they are familiar with law firms.

At least three-fourths of those investors with the highest net worth said they are familiar with full service brokers (78 percent), accounting firms and online brokerage firms (77 percent each), and independent financial planners and insurance companies (76 percent each). The highest net worth investors were least familiar with private banks (64 percent) and trust companies (51 percent).

Investors with the highest net worth expect exceptional service and attention. Which firms fulfill these expectations? Two-thirds (the highest percentage by wealth level) said that Bank of America offers talented advisors, while 62 percent (again, the highest percentage by wealth) said they considered Bank of America to be trustworthy.

But when asked which companies they perceive to be the most likely to fulfill their needs, respondents with the highest net worth said TDAmeritrade (66 percent), followed by Fidelity (65 percent), Vanguard (60 percent), Wells Fargo (51 percent) and PNC (50 percent).

 



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.