Professional Documents
Culture Documents
Targeting the
Millionaires Near You
SM
Summary of Findings
Inside
Overview: Millionaires
by Geography
Detailed Profiles:
New York
Chicago
10
Los Angeles
11
Dallas
12
Washington, D.C.
13
San Francisco
14
Atlanta
15
Miami
16
Boston
17
This report offers insights into where millionaires live and how
Phoenix
18
Further Considerations
to Help You Strengthen
Client Relationships
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what they do with it, and what role they want to play in
error for that survey was +/ 3%. The previous survey was
About Millionaires
40%
FIDELITY INVESTMENTS
26%
BANK OF AMERICA
24%
VANGUARD
19%
CHARLES SCHWAB
18%
MERRILL LYNCH
15%
WACHOVIA
11%
WELLS FARGO
ING
11%
JPMORGAN CHASE
11%
E*TRADE FINANCIAL
11%
9%
TIAA-CREF
T. ROWE PRICE
8%
TD AMERITRADE
8%
UBS
8%
7%
MORGAN STANLEY
0%
5%
10%
15%
20%
25%
30%
35%
40%
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Millionaires by Geography:
How Regions Distinguish Millionaires
years old and the majority (58%) are retired. Given their retiree
some other regions and earn that income from their investments,
advisory experience.
FIGURE 1:
MILLIONAIRES ARE MOST LIKELY TO CONGREGATE IN THE SOUTH
18%
21%
25%
36%
WEST
MIDWEST
SOUTH
NORTHEAST
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John Porter
Prototype of a Western Millionaire
and enjoy not only the highest incomes and assets among
all major regions (see Figure 2), but are also saddled with
the most debt. While 67% use a financial advisor, they are
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FIGURE 2:
WESTERN MILLIONAIRES HAVE THE HIGHEST AVERAGE ASSETS AND INCOME
REGION
INVESTABLE ASSETS
HOUSEHOLD INCOME
West
$5.5M
$430K
Northeast
$4.1M
$400K
South
$4.1M
$340K
Midwest
$3.2M
$320K
FIGURE 3:
WHILE VALIDATORS ARE MOST LIKELY TO DOMINATE OVERALL, THERE ARE MORE DELEGATORS IN THE
MIDWEST/SOUTH THAN IN OTHER REGIONS
20%
22%
26%
33%
38%
41%
42%
Midwest
VALIDATOR
37%
41%
South
DELEGATOR
West
26%
31%
43%
Northeast
SOLOIST
FIGURE 4:
MIDWEST MILLIONAIRES ARE THE MOST LIKELY TO WORK WITH ADVISORS
27%
29%
33%
34%
73%
71%
67%
Midwest
South
West
YES
NO
66%
Northeast
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FIGURE 5:
METROPOLITAN AREAS WHERE MILLIONAIRES LIVE
AREA
7%
2. Chicago-Naperville-Joliet, IL-IN-WI
6%
5%
4. DallasFt. WorthArlington, TX
3%
5. Washington-Arlington-Alexandria, DC-VA-MD-WV
3%
6. San FranciscoOaklandFremont, CA
3%
7. AtlantaSandy SpringsMarietta, GA
3%
3%
9. Boston-Cambridge-Quincy, MA-NH
2%
10. Phoenix-Mesa-Scottsdale, AZ
2%
TOTAL
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Daniel Johnston
Prototype of a Northeastern Millionaire
FIGURE 6:
SURPRISING MILLIONAIRE ZIP CODES
CITY
ZIP CODE
Wayzata, MN
55391
Croton-on-Hudson, NY
10520
Lemay, MO
63125
Bellevue, NE
68005
Avondale, OH
45229
Tuscaloosa, AL
35401
Piedmont, SC
29673
Midlothian, VA
23113
Londonderry, NH
03053
Surprise, AZ
85374
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FIGURE 7:
MAP OF THE U.S., DEPICTING METROPOLITAN AREAS WITH THE HIGHEST NUMBER OF MILLIONAIRE HOUSEHOLDS
9
1
2
5
3
10
WEST
MIDWEST
SOUTH
NORTHEAST
4
Source: Fidelity Millionaire Outlook, December 2006
NEW YORK
CHICAGO
LOS ANGELES
DALLAS
WASHINGTON, D.C.
SAN FRANCISCO
ATLANTA
MIAMI
BOSTON
10
PHOENIX
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Actions to Consider:
FIGURE 8:
WHY NEW YORKERS MAKE REFERRALS
77%
INVESTMENT PERFORMANCE
69%
56%
50%
75%
100%
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2. Chicago Showcases
Midwestern Millionaires
Actions to Consider:
Help Chicago Millionaires Create
a Retirement Plan.
Given Chicago millionaires focus on long-term wealth
and investments.
their lifestyle today (19%; see Figure 9). Since the vast
FIGURE 9:
TOP 10 PRESSING FINANCIAL CONCERNS FOR CHICAGO MILLIONAIRES
1. SUPPORTING LIFESTYLE IN RETIREMENT
48%
46%
2. MANAGING INVESTMENTS
3. MAINTAINING HOUSEHOLD WEALTH
38%
29%
23%
22%
7. ESTATE PLANNING
19%
10%
20%
30%
40%
50%
10
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Actions to Consider:
Help L.A. Millionaires Protect
Their Assets.
FIGURE 10:
LOS ANGELES MILLIONAIRES VALUE INVESTMENT PERFORMANCE MOST OF ALL
Most important characteristic in choosing a financial provider:
STRONG INVESTMENT PERFORMANCE
54%
37%
ETHICAL CONDUCT
7%
1%
0%
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15%
30%
45%
60%
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4. Dallas Millionaires
Prefer Personal Touch
in the country, and they are among the least likely in the
country to have inherited their wealth (23%). Likewise,
fewer Dallas millionaires than elsewhere (32%) cite real
estate appreciation as contributing to their wealth. After
L.A., Dallas millionaires lay claim to the second-highest
income ($547,000) and investable assets ($3.9 million)
Actions to Consider:
Help Dallas Millionaires with Decision
Making and Simplicity.
that can help them grow their assetsand then show them
are careful about how they spend their money, among the
how you can take much of the work off their hands. Help them
FIGURE 11:
WHEN MAKING INVESTMENT DECISIONS, DALLAS MILLIONAIRES PREFER TO RELY ON EXPERTS FOR ADVICE
DEPEND ON ADVICE FROM EXPERTS
59%
20%
0%
15%
30%
45%
60%
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Worry about kids and life after work. Like Dallas millionaires,
Actions to Consider:
Help D.C. Millionaires Plan For
Funding Their Childrens Education.
Given their concerns about paying for their childrens
education, show them how a college savings account
9 out of 10 say they are careful about how they spend their
money. But, unlike Dallas millionaires, D.C. millionaires are more
concerned with retirement and leaving money to their children.
More so than in any other metropolitan area, D.C. millionaires
worry about supporting their lifestyles in retirement (68%). About
half fret over maintaining their current household income. This
group is also more concerned than other millionaires are about
funding childrens education and leaving them an inheritance
not surprisingly, given their own inheritance and high level of
education.
FIGURE 12:
WHY D.C. MILLIONAIRES LOOK TO AN ADVISOR
52%
INVESTMENT RECOMMENDATIONS
34%
INVESTMENT INFORMATION
32%
15%
30%
45%
60%
75%
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Actions to Consider:
FIGURE 13:
SAN FRANCISCO MILLIONAIRES USE THE INTERNET TO MANAGE THEIR WEALTH
I SEEK TO SIMPLIFY MY FINANCIAL LIFE
62%
61%
53%
0%
15%
30%
45%
60%
75%
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7. Atlanta Millionaires
Depend on Their Advisors
Figure 14).
Actions to Consider:
are also concerned with paying for their childrens education and
FIGURE 14:
TOP 10 REASONS ATLANTA MILLIONAIRES LOOK TO AN ADVISOR
62%
1. INVESTMENT RECOMMENDATIONS
51%
47%
4. ESTATE PLANNING
5. CONSOLIDATED VIEW OF ASSETS
36%
6. TAX ADVICE
36%
28%
7. INVESTMENT INFORMATION
18%
8. TAX PREPARATION
16%
9. LENDING SERVICES
13%
15%
30%
45%
60%
75%
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8. Miami Millionaires
are Frugal Retirees
Actions to Consider:
Promote Your Expertise to Miami Millionaires.
To help South Floridian millionaires, consider suggesting a
retirement income plan to help them balance their needs
today and for the future; if they fear outliving their assets,
into their plan. Being older investors, only a handful (1%) have
condo owners.
FIGURE 15:
WHY MIAMI MILLIONAIRES MAKE REFERRALS
INVESTMENT PERFORMANCE
79%
73%
53%
31%
LOCATED IN MY COMMUNITY
0%
20%
40%
60%
80%
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investment vehicles.
are among the most likely to be employed full time (60%), and
more than a third (35%) credit entrepreneurship for their wealth,
the second-highest level of entrepreneurship after Miamis
Actions to Consider:
millionaires who have or are planning families are also more given
FIGURE 16:
BOSTON IS HOME TO HIGHLY COMPENSATED AND ENTREPRENEURIAL MILLIONAIRES
Source of wealth:
COMPENSATION (SALARY, BONUSES, COMMISSIONS)
67%
INVESTMENTS/CAPITAL APPRECIATION
64%
40%
ENTREPRENEURSHIP
35%
33%
STOCK OPTIONS
INHERITANCE
23%
0%
15%
30%
45%
60%
75%
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more than half of Phoenix millionaires are self-described do-ityourselfers and enjoy managing their finances online, almost
Actions to Consider:
corporate executives.
confer with them about their plan, even after it has been
59%
21%
21%
2%
0%
15%
30%
45%
60%
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country can help you fine-tune your advice and the services you
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Clearing, custody, or other brokerage services may be provided by National Financial Services LLC, or Fidelity Brokerage Services LLC,
Members NYSE, SIPC.
490981
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1.868981.100
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