For majority of affluent Americans, money trumps love

For majority of affluent Americans, money trumps love
Report by Merrill Edge surveys 18- to 40-year-olds with investible assets of $50,000 to $250,000.
NOV 30, 2018

Money talks — especially in relationships. When looking for a partner, 56% of affluent Americans want someone who provides financial security, versus 44% who want to be "head over heels" in love, according to more than 1,000 respondents surveyed by Bank of America Corp.'s Merrill Edge. Of those polled, 63% said they preferred a career-focused partner over a socially conscious mate. (More: What do the wealthy really want?) "There's a level of realism" for couples who face economic uncertainty and a lack of financial planning, said Aron Levine, head of consumer banking and Merrill Edge, which offers online investing. "How do you keep the love of your life if you can't pay for a vacation?" he said in an interview in New York. While respondents placed a high priority on the finances of potential mates, most were more tight-lipped about their own, rarely discussing debt, salary, investments and spending habits with significant others, the survey showed. Other findings in the report by Merrill Edge, which has about $204 billion in assets under management: Affluent Americans are willing to put aside an average of $18,000 a year on saving and investing, more than they want to spend on rent or mortgage payments, their children's education or travel. The majority of respondents has no monetary goal in mind for milestones such as getting married or having a baby. Almost three-quarters of respondents expect to get their investment guidance primarily through digital channels within five years. (More:Betterment targets more affluent investors) Respondents in the survey, conducted from Sept. 27 to Oct. 13, were 18 to 40 years old with investible assets of $50,000 to $250,000, or investible assets of $20,000 to $50,000 and annual income of at least $50,000. For those older than 40, respondents had investible assets of $50,000 to $250,000.

Latest News

Advisor moves: Veteran teams with $580M in assets leave Wells Fargo
Advisor moves: Veteran teams with $580M in assets leave Wells Fargo

The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.

Siebert deepens FusionIQ investment with 10-year wealth tech deal
Siebert deepens FusionIQ investment with 10-year wealth tech deal

Additional investment and partnership will see joint development of wealth management, brokerage and digital asset platforms.

Medicare Advantage members hit hard by rising costs
Medicare Advantage members hit hard by rising costs

Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.

FINRA eyes fraud 'speed bump' rule doubling hold to 10 business days
FINRA eyes fraud 'speed bump' rule doubling hold to 10 business days

FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors.

MAI Capital pushes into Atlanta with Waypoint Wealth deal
MAI Capital pushes into Atlanta with Waypoint Wealth deal

Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income