Financial success ought to come with some measure of freedom – to take risks, pursue passions, give back and make a bigger impact. Yet life and wealth are complicated, and the 2018 U.S. Trust Insights on Wealth and Worth® survey finds that the top reason best intentions fall short is competing priorities. While increased wealth provides the opportunity to do more, it also means juggling increased obligations, expectations and demands. The study found that when it comes to putting their wealth into action, those who don’t, won’t or don’t know how to plan their wealth goals trail those who do.
U.S. Trust surveyed nearly 1,000 high net worth (HNW) and ultra high net worth (UHNW) men and women across the country about their approach to building wealth and the extent to which they are using it to achieve important goals. The findings point to notable shifts in how HNW individuals are structuring and deploying their assets and the importance of having the right plan that accounts for their distinct and diverse needs and expectations. The study also reveals that HNW millennials are taking an approach to investing and using financial assets that differs from other generations; women of all ages have growing impact as wealth creators and decision-makers; and the widespread expectation among HNW investors of corporate accountability is driving continued demand for impact investing.
“Life is a balancing act of personal, professional and family needs and goals that requires comprehensive financial planning,” said Katy Knox, president of U.S. Trust. “Effective wealth management, built on listening to our clients and working with them as their priorities change, is how we help clients make the most of their wealth and build a legacy for future generations.”
The 2018 U.S. Trust Insights on Wealth and Worth® survey is based on a nationwide survey of nearly high net worth and ultra high net worth adults with at least $3 million in investable assets, not including the value of their primary residence. Respondents were equally divided among those who have between $3 million and $5 million, $5 million and $10 million, and $10 million or more in investable assets. The survey was conducted online by the independent research firm Phoenix Marketing International and completed in February 2018. Asset information was self-reported by the respondent. Verification for respondent qualification occurred at the panel company, using algorithms in place to ensure consistency of information provided, and was confirmed with questions from the survey itself. All data have been tested for statistical significance at the 95 percent confidence level.
U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.
U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,000 professionals and maintains 93 offices in 31 states. As part of Bank of America, U.S. Trust can provide access to an extensive retail banking platform and a broad range of banking solutions for individuals and businesses.
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