According to a Spectrem Group study of affluent investors, those with the highest net worth are most familiar with Bank of America and Fidelity.
At least seventy-five percent of those investors with the highest net worth worth ($15 million and $25 million, not including primary residence) 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. Sixty-six percent said that Bank of America offers talented advisors, while 62 percent 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).
Almost eighty percent (79 percent) of investors with the highest net worth 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.
For more information on UHNW Investors, click here