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Asset Preservation Advisors




City:Atlanta

State: GA



BIOGRAPHY:
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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Affluent Ethnic Investors and Wealth Management Services

A majority of affluent ethnic investors are familiar with the term “wealth management but are they availing themselves to this service?

| BY Donald Liebenson


 

Financial advisors often need to tailor their advice based on the investor’s age, gender, wealth level, occupation and advisor dependency. They also need to consider the investors’ ethnic background. Millionaire Corner’s ongoing series of reports examines the different ways ethnic investors relate to their financial advisor.

The goal of wealth management is to sustain and grow a household’s long-term wealth. The term is generally defined as services and financial and investment advice that take a global view of an individual’s financial life, encompassing investments, estate planning, accounting and legal and tax advice. Theoretically, according to Forbes, “a wealth manager can provide every single financial product in existence. In reality, most…specialize in services and products they feel most comfortable with.”

A majority of affluent ethnic investors are familiar with the term “wealth management,” according to a new Spectrem Group whitepaper, Marketing Wealth Management to Ethnic Investors, but are they availing themselves to this service?  While 27 percent of non-ethnic investors currently receive wealth management services, only 21 percent of African-American and 17 percent of Asian and Hispanic investors do so, Spectrem research finds.

What services are ethnic investors receiving from their wealth manager? Eight-six percent of African-American investors receive comprehensive financial planning and investment planning services. The next most common service they receive from their wealth manager is investment management (82 percent).

Roughly six-in-ten receive assistance from their wealth manager with administrative tasks, and half assistance with unique investment products.

Affluent Hispanics are the next most likely group of ethnic investors to utilize the services of a wealth manager. The highest percentage (87 percent) receive investment planning services and advice, followed by investment management (80 percent). Nearly three-fourths (73 percent) receive assistance on administrative tasks while 67 percent get comprehensive financial planning. Six-in-ten are advised about unique investment products.

Of the three affluent ethnic investor segments, Asian investors are the less likely to be receiving these and other wealth management services. The highest percentage (79 percent) receives investment planning, while 59 percent receive investment management. Nearly half (48 percent) avail themselves to comprehensive financial planning, while four-in-ten receive checking account and administrative assistance.



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.