Classified Clients

Phoenix says categorizing HNW individuals helps advisors improve service.

A new survey has revealed a way for reps turn the urge to know thyself into a cash-positive force.

The Phoenix Companies and Harris Interactive asked high-net-worth investors to stereotype themselves in regards to how they and their money “relate.” With information gleaned from survey responses, the two companies created six categories of HNW investor. Though very general, the categories may help advisors to bring better focus to the process of suggesting products and investment strategies to HNW clients, Phoenix executives say.

“This [system] breaks down the high-net-worth investor into easily classifiable terms,” says Phoenix chief marketing officer (and Registered Rep. contributor) Steve Gresham. “You'd be hard-pressed to find an investor who doesn't fall into one of these [categories].”

Sample archetypes generated from the survey, which polled 1,500 HNW investors (those with a net worth of over $1 million), include Status Chasers (rich and living beyond their means), Secret Succeeders (the closet, almost-ashamed affluent) and Satisfied Savers (the typical, happy-to-be-set-for-retirement set).

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