July 28, 2014

Wealth Management

A Wealth of Information

Among the top concerns for many: The national economy and threats from abroad.

Dian Vujovich | 10/1/2006

PNC Financial Services Group surveyed 795 Americans with between $500,000 and $1 million in investable assets and 690 with more than $1 million, including 225 with more than $5 million and 116 with more than $10 million. Here are some of the results:

Holdings
High net worth investors have not made major shifts in their investment portfolios over the past year. On average, they have 46% in stocks and 16% in cash investments.

56% do not have any of their assets in investment real estate outside of their primary residence.

Threats
50% ranked declining U.S. economic competitiveness to other nations as the second-greatest threat to their family's wealth -- behind a major decline in the stock market.
About one-third say a lack of Social Security benefits would be a major wealth threat for them and their families.
One-third fear that healthcare costs will consume a larger portion of their assets.
One-quarter are providing direct financial support to their parents, with an average of $6,700 a year.

Retirement
When asked how much they would need to feel completely financially secure in retirement:

Those with less than $1 million in investable assets say on average $16 million.
Those with $1 million or more in assets say $10.8 million
Those with $5 million or more say $21.2 million.
Those with $10 million or more say $30.8 million.

Planning
One-quarter of all respondents -- and 31% of those with more than $10 million -- do not have a will. Almost half of all respondents don't have a trust.

Tags: Banking & Finance

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