The sheer numbers are staggering. A new report from Arthur Andersen finds that there are approximately 10 million individuals across the world with assets worth more than $1 million, each.
This and other findings are part of a new study conducted by Andersen called the High-Net Worth (HNW) report. The fallout from such high numbers is that portfolio managers are being forced to find new ways to compete in the global sector and to come up with new, streamlined ways for these clients to invest monies.
Although much of the money talked about is new money, or that earned in the last 10 years, the report says that the new money earners are relying on the old money investors to help carry them to tax savings and sustained growth. While new money individuals may be convinced they can communicate via e-mail and other technologies, one of the most interesting outcomes of the study is that this sector wants a high-touch approach to investing.
Key to this relationship is the ability to communicate one-on-one with investors and provide a great amount of personal contact.