Affluent/Mass Affluent Investing and Banking (Canada)- Nov 2016

Financial advisors serving the affluent must not only develop a wider range of skills but also understand their attitudinal differences such as those related to risk perception and charitable giving.Around one in four millionaires uses a bank-affiliated brokerage for investments

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More than half of the affluent feel they require more than a million dollars for retirement
Around one in ten millionaires has invested in hedge funds
Affluent may have a different perception of risk
In recent years, there has been tremendous growth in the number of affluent Canadians and a corresponding growth in opportunity for financial institutions. Consequently, there has been a greater effort in the industry to create more effective and profitable approaches to meet the needs of this client base.

Table of Contents

OVERVIEW
Regional classifications
Income
Affluent and mass affluent
Glossary

EXECUTIVE SUMMARY
The issues
Around one in four millionaires uses a bank affiliated brokerage for investments
Figure 1: Type of financial institution used for investments, by affluence, September 2016
More than half of the affluent feel they require more than a million dollars for retirement
Figure 2: Attitudes related to retirement (% any agree), by affluence, September 2016
Around one in ten millionaires has invested in hedge funds
Figure 3: Investment related activities, by affluence, September 2016
Affluent may have a different perception of risk
Figure 4: Attitudes related to investment strategies (any agree %), by affluence, September 2016
The opportunities
Robo-advisors and the mass affluent opportunity
Advisors catering to the affluent require a larger tool-box of skills
Understanding the nuances of charitable giving
What it means

THE MARKET – WHAT YOU NEED TO KNOW
CRM2 and its impact
Canada’s economy still struggles
Robo-advisors

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Over the past few decades, financial products and markets have grown in sophistication. At the same time, individuals looking at retirement are becoming more reliant on their own investments to supplement government and corporate pension plan benefits. In addition, the need for effective planning in specialized areas (such as ownership of foreign property, insurance solutions, alternative investments, leveraged investing, small business ownership, charitable giving, trusts, etc) is increasing. As a result, many affluent investors now look for guidance from experienced and competent advisors.

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