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Wealth Management Market: Capturing the Hearts and Wallets of the Mass Affluent

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8 November 2001

Abstract

Boston, MA, USA November 8, 2001

Celent predicts that financial institutions can expect to earn over US$300 billion in management fees alone in 2005 by attracting the mass affluent customer segment, who are defined as those individuals with investable assets of between US$100,000 and US$1 million.

In a new report entitled , Celent Communications closely examines the emerging mass affluent segment and provides strategies for financial institutions to attract and retain the financial assets of these mass affluent investors.

Over the past year, the hype surrounding self-directed online financial planning tools has declined dramatically. Instead, a new wave of wealth management tools have focused on providing a robust suite of online tools for the advisors so that they can effectively manage and advise a large number of clients. In essence, the focus on online wealth management services has changed from disintermediating the human advisors to arming those human advisors to play a central role in their clients day-to-day money management.

According to Sang Lee, co-author of the report, The sudden downturn in the US financial markets over the past year has really dampened the spirit of self-directed investing. Instead, the focus has turned to the concept of wealth management services. Overreliance on transactions alone has burned those firms focused on no-frills self-directed investing. We expect to see a significant number of financial institutions implementing Web-based wealth management services in the hope of diversifying their revenue stream.

Isabella Fonseca, co-author of the report, adds that, The mass affluent segment exhibits a rapid rate of asset growth and represents large numbers of individuals. As a result, those firms interested in establishing formidable wealth management services in the future cannot afford to ignore the mass affluent customer segment

A Table of Contents is available online.

of Celent Communication's research services can download the report electronically by clicking on the icon to the left.

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