|
 US millionaires nurse wounds as assets slide
Millionaires in the US each lost nearly a third of the value of their assets last year, the worst slide since the Great Depression, prompting many to seek new financial advisers in the hope of better returns in 2009.
The value of assets at US households worth $1m (€734,387) or more, excluding the primary residence, declined by 30% last year, according to a report from US wealth manager Spectrem Group.
Millionaires' Net Worth Down 30% in Current Financial Crisis
Most Fear Long Downturn, Insufficient Assets for Present Lifestyle; Many Unhappy With Advisors' Performance
CHICAGO, IL - America's millionaires are feeling significant pain.
U.S. households worth $1 million or more have seen their assets decline 30% during the current financial crisis, according to a new report released today by Spectrem Group (www.spectrem.com). Nearly one-fifth (17%) of millionaires have absorbed declines greater than 40%, according to the report, titled "Attitudes of Affluent Investors on Surviving the Economic Crisis."
 Millionaires Say Advisers Failed Them in Crisis, Survey Shows
Jan. 6 (Bloomberg) -- Nearly two-thirds of U.S. millionaires say their investment advisers have failed them during the global recession, a survey showed.
Thirty-six percent of respondents said their advisers performed well last year, according to a November poll of 750 U.S. households with more than $1 million in net assets by Spectrem Group. Fourteen percent said they’ll increase their use of financial advisers, the Chicago-based consulting firm said in a statement today.
 Millionaires Lose 30% of Their Fortunes
January 6, 2009
American millionaires have lost about a third of their wealth during the financial crisis, according to a new survey.
The study, by Spectrem Group, the Chicago-based wealth-research firm, found that households with a net worth of $1 million or more say their assets have declined 30% or more. Nearly one-fifth of millionaires have experienced declines of more than 40%.
 Millionaires? More like $700,000-aires
U.S. households worth more than $1 million have lost nearly a third of their assets in the financial crisis, a report says.
NEW YORK (CNNMoney.com) -- While it may be hard to feel sympathy for America's millionaires, they're feeling the economic crunch, too - nearly a third of their assets have disappeared in the downturn, according to a consulting firm's report released Tuesday.
Spectrem Group said U.S. households worth $1 million or more - excluding their primary residence - have seen their assets decline by 30% during the financial crisis.
 How to Manage Affluent Investors in Financial Crisis
October 14, 2008
"The vast majority of affluent investors have not had a serious financial setback in their lifetime, according to a Spectrem report. Sixty-seven have only experienced minor (17%) or extremely minor (50%) financial setbacks."
 Fees Top Reason Plan Sponsors Switch Providers: Replaces poor service as main reason to switch
August 28, 2008
“The newfound focus on fees coincides with increased attention paid to fees and fee disclosure by the media and regulators over the past couple of years,” said George Walper, president of Spectrem Group. “Of course, sponsors’ greater scrutiny of fees puts pressure on providers to reduce them and, consequently, may impact margins in an already competitive market segment.”
 DC plans would rather switch than pay
August 25, 2008
"Fees have become the primary reason retirement defined contribution plans switch providers, according to a survey released today by Spectrem Group."
 Employers switch retirement providers due to fees
They are No. 1 reason for switch, up from third in ’05 study
August 25, 2008
"The study, from Spectrem Group of Chicago, showed that 30% of plan sponsors cited costs and fees as the primary reason for changing plan providers. That was followed by poor service at 26% and investment issues at 12%."
 The Houston Chronicle Online
Got $5 million? Consider yourself rich: Experts say even well-off have a hard time defining wealth
August 22, 2008
"I think as you get more wealth, you set the bar higher," said Tom Wynn, director of Chicago-based Spectrem Group. "The expectations increase as you move up." While the term "millionaire" once was a synonym for "rich," it's not necessarily anymore."
 The Man Behind the Man
Monday, August 25, 2008
"It's early on a spring morning and Peter Kirsch is busily overseeing the fast-moving life of AOL founder James V. Kimsey."
 Life Insurance Needs for the Mass Affluent Written
August 2008
"There are over 30 million U.S. households that fall within the “mass affluent” population. These are households that have between $100,000 and $1,000,000 of assets to invest.
 Affluent Investors Want Advisors' Investment Research
July 28, 2008
"Investment research, it seems, has made a comeback among the nation's wealthiest investors," said George H. Walper, Jr., President of Spectrem Group, of the six year period since the equity analyst research scandals on Wall Street.
Five steps to a successful 403(b) business
July 28, 2008
According to Spectrem Group of Chicago, 77% of 403(b) sponsors said they wanted help complying with the regulations.
 Advisers Woo Rich With More Services
June 27, 2008
Research firm Spectrem Group found in 2007 that the number of U.S. households with a net worth of at least $5 million rose to 1.16 million from 1.14 million in 2006. A decade ago, there were only 480,000 such households.
PRACTICE MANAGEMENT: New 403(b) Rules Shake Up Market
June 13, 2008
"Consulting firm Spectrem Group says 403(b) plans held $692 billion in assets at the end of 2007. The firm projects an average growth rate of 9% per year for the next five years."
 OWS Book Club: Getting Inside the Heads of the Wealthy
May 13, 2008
Get Rich, Stay Rich, Pass It On: The Wealth Accumulation Secrets of America's Richest Families
By Catherine S. McBreen and George H. Walper Jr. (Portfolio, January 2008) Listen to an online discussion.
 The Consumer Spending Mirage
April 9, 2008
A survey of high-net-worth Americans found that 42% are likely or very likely to change how they budget and spend their money. "These folks are tightening the belt a little bit," says George H. Walper Jr., president of Spectrem Group, "Just because someone is wealthy doesn't mean that they don't get cautious."
 Millionaire Population Growth Slows
March 13, 2008
"As U.S. real estate values made unprecedented declines, the growth of millionaire households in the country slowed."
Ranks of Millionaires Slow to Grow
March 12, 2008
"At the same time, ultra-high-net-worth households — those with $5 million or more —advanced 2% on 2007 to a record $1.16 million on the slowest growth since zero in 2002."
Slow Growth In Millionaire Population
Robert Frank Blog
March 12, 2008
"It’s official: the wealthy are in an economic slump. According to Chicago-based Spectrem Group, the number of millionaires in the U.S. grew a meager 2% in 2007. That compares with 8% growth in 2006, 11% in 2005 and 21% in 2004."
 How Much Nest Egg Do You Need to Join the True Elite
March 12, 2008
"In a recent survey by Chicago-based Spectrem Group, 25% of affluent folks said it takes $25 million to be rich, and another 8% said $100 million. Those two groups combined weren't all that much smaller than the 45% who cited $5 million."
Millionaire Ranks Grew at Slowest Rate in Four Years in 2007
March 12, 2008
"The number of households in the United States with a net worth of $1 million or more, not including primary residences, grew only 2% in 2007 to a record 9.2 million, according to a new report by Spectrem Group."
 Wealthy Professionals Want $ Help
February 7, 2008
"According to a recent survey by the Millionaire Corner, the rest depend on financial advisors to some degree, with almost 50% going to a consultant regularly for money advice.
Wealthy stressed by rocky economy
February 6, 2008
"Confidence among investors with more than $500,000 in investible assets tumbled to an all-time low in January, as investors fretted about a falling stock market and a recession-bound economy...The decline is also the largest one-month decline for the index since its inception in February 2004, eclipsing the 10-point drop recorded in March 2007.'
 Another Type of Investing That Can Be Fun and Lucrative
February 6, 2008
"In the new book, ” Get Rich, Stay Rich, Pass it On: The Wealth -Accumulation Secrets of Amercia’s Richest Families ” by Catherine McBreen and George Walper jr. they suggest that you invest up to 25% of your portfolio in enterprises that that develop products and services or invent break through technologies."
 Spectrem Affluent Investor Index(R) Falls to -13 in January, Landing in Mildly Bearish Territory for First Time Ever
February 6, 2008
"The performance ranks as the biggest one-month decline for the index since its inception in February 2004, eclipsing the then-record 10-point drop of March 2007."
Spectrem Affluent and Millionaire Indexes Fall to All-Time Lows: Outlook of nation’s wealthy dips into bearish territory
February 6, 2008
“Affluent investors and millionaires alike saw their investment optimism drop to new lows in January as major stock-market declines and concerns about a U.S. recession combined for a powerful one-two punch,” says George H. Walper Jr., president of Spectrem Group.
Path to wealth is through real estate
January 28, 2008
"Sorry, folks, this is not a get-rich-quick book. Still, you may be richer than you think, write authors Catherine McBreen and George Walper Jr. in Get Rich, Stay Rich, Pass It On.
More than 7 million American households today claim total assets of a million dollars or more. But it's far more likely that "You're among a group we call the mass affluent, people whose total assets add up to anywhere between $100,000 and $1 million, not including their primary residence," according to the authors...."
Also covered by:
Florida Association of Realtors
Dover International Realty, Inc., Dover Market News
Steamboat Springs, CO, Real Estate and Community Blog
MyWire
Accountability-Central.com
To The Rich, From America
January 21, 2008
"A Spectrem Group survey of people with more than $500,000 to invest found that 31 percent are putting more capital to work internationally than in the past."
How Much Does It Take to be Rich? The Wealthy Say At Least $5 Million
January 7, 2008
"Achieving Such a Fortune Is Focus of the New Book 'Get Rich, Stay Rich, Pass It On: The Wealth Accumulation Secrets of America's Richest Families ' "When asked how much money it takes to be rich, 45% chose $5 million, 25% selected $25 million, and 8% picked $100 million, according to the research by Millionaire Corner (www.millionairecorner.com )....
The Wealth Report: Robert Frank looks at the lives and culture of the wealthy
January 9, 2008
A Rich Person’s Definition of Rich
"A net worth of $1.4 million will put you in the top 5% of Americans, according to the Federal Reserve. Yet to the wealthy today, having $1 million (including the value of your homes and certain retirement assets) seems like chump change..."
 Bequeathing, With Strings Attached
January 5, 2008
"ONCE only for the superrich, dynasty trusts now provide a way for the rest of us to leave money to loved ones, preserve wealth for future generations and even control how an inheritance is used once donors die...There are a record nine million households in the United States worth $1 million or more, excluding their primary residences, according to the Spectrem Group."
SOPHISTICATED INVESTOR: Risky business: With $25 million to invest, you can afford to be aggressive
December 18, 2007
"The Spectrem Group, a Chicago-based consulting firm specializing in the affluent and retirement markets, surveyed more than 100 high-net-worth households and found they aren't afraid to take their chances outside of Treasury bills and trust funds...."
Wealthiest Take Biggest Risks
December 7, 2007
"Those with the most, gamble the most.
More than 40 percent of America’s most affluent investors—those with $25 million or more, not including a primary home—describe themselves as “aggressive” in their portfolios, according to a report released by the Spectrem Group."
 Super Rich Are Super Risk Takers November 30, 2007
“Even in the face of intense financial market turmoil, investors with the most to lose are willing to roll the dice with risky investments,” says George H. Walper Jr..."
November 25, 2007
A family office generally is an organization designed to administer the very complex financial needs of a specific family. But the definition can vary widely, notes Catherine McBreen, managing director of the Spectrem Group, Chicago, and coauthor of Get Rich, Stay Rich, Pass it On (Penguin)."
Millionaires, affluent upbeat in new year
January 2, 2008
"Confidence among investors with more than $500,000 in investable assets increased in December, rebounding from sharp losses during the previous month...."
UMAs mystify investors
October 29, 2007
"Unified managed accounts are such a mystery to investors that 48% of wealthy individuals responding to a recent survey said they had never heard of them. However...46% said they were interested, according to the Spectrem Group study."
|
Media Coverage 
High Net Worth Advisor Insights Newsletter April 2008
