Some Good Demographic Data
Want to know exactly how much money is in your area? Let the FDIC answer that question for you.
Below is a link to the FDIC website that will help you determine the total amount of money on deposit with the banks in your area or an area you're targeting. If your marketing area is several hundred miles wide, this statistic may convince you that you only need to market locally to bring the assets.
It's been awhile since I've visited this site, so I received a shock when I saw the amount of total dollar deposits for my area. Of course, this doesn't even include assets held by brokerage firms in my area.
Since banks in my area have a total of $1.3 billion in deposits, I figure that an additional 30% of that amount is probably held by local brokerage firms. I figure that roughly 10% of the $1.3 billion deposit total could be converted into investable assets. Add that to what I estimate is held by local brokerage firms, the total is about $490 million that's up for grabs. Wow, and I haven't even left the city limits, yet!
Gee, all of a sudden, I feel inadequate. And I thought I was doing ok. Looks like it's going to be a sleepless night, as I re-work my marketing plan.
Comments as to my estimations are welcome. As for my inadequacies, no comments needed (I'm beating-up my own self.)
The reason that money is in FDIC desposit items are because that money is not "investable" assets.
Either these folks have an inherent fear of non-FDIC insured products OR this is NOT their "play" money.
I wouldn’t say that Menotellname...I'm sure there are plenty of people with piles of cash sitting in CDs and savings accounts...people just haven’t taken the initiative to actually invest it. Good stuff doberman.