Ct Healthmarket via BizWire
07-01-2003, 05:40 AM
HARTFORD, Conn.--(BUSINESS WIRE)--July 1, 2003--When you think
about the wealthy, a certain picture undoubtedly comes to mind.
Perhaps you see someone at the top of their game, highly confident and
driven, who considers money a source of challenge, fun and happiness.
If so, you've possibly identified just 11 percent of the wealthy
population. What about the other 89 percent?
For the last four years, The Phoenix Companies, Inc. (NYSE:PNX)
has commissioned a national survey with Harris Interactive(R) to
better understand the wealthy and their financial needs. This year,
Phoenix went a step further to define the market: The 2003
Phoenix/Harris Interactive Wealth Survey uncovered six distinct
segments within the population.
"Phoenix is an expert in this market, and through our survey, we
have further confirmed the wealthy are a sophisticated and
multi-faceted demographic. Our segmentation analysis gives us a
clearer and deeper understanding of the many differences and
similarities within this group," said Walter H. Zultowski, Ph.D.,
senior vice president, Marketing and Market Research of The Phoenix
Companies, Inc.
The Six Segments include:
-- The Deal Masters (11%) are the youngest and wealthiest
segment. Their net worth went down the least (23%) over the
past three years. Members of this group are confident and
optimistic and enjoy the challenge of making more money.
They've achieved their success through working hard, being
persistent, taking risks and relying on their own financial
know-how. For the Deal Masters, success - whether it's making
more money or finding a great bargain - is a challenge.
-- The Altruistic Achievers (17%) are also driven to succeed but
with aspirations to be charitable with their wealth. This
segment lost the most in net worth (33%) over the past three
years, and is most open to working with a financial advisor.
Though successful in work and family, unlike the Deal Masters,
they lack the time, interest and know-how to manage their
finances. To the Altruistic Achievers, wealth not only means
security, freedom and choice, but a means to give to those
less fortunate.
-- The Secret Succeeders (17%) have achieved their wealth
somewhat unexpectedly and, as a result, are ill at ease with
their success. This segment tries to hide their wealth for
fear they may lose it, but at the same time expects superior
treatment due to perceived status. Financial control for the
Secret Succeeders is key, as they don't want to take the
chance of parting with their money.
-- The Status Chasers (18%) want it all, but have not been able
to achieve their major financial goals as of yet. Members of
this segment became millionaires most recently and define
wealthy at a level three times their current net worth. The
Status Chasers are continually striving to gain more, yet are
also most pessimistic about their own financial future and the
nation's, feeling their finances are to a great extent beyond
their control.
-- The Satisfied Savers (24%) are the oldest and largest segment.
This group is largely happy and fulfilled. The Satisfied
Savers have built fortunes through hard work, persistence and
living below their means. They enjoy the security of their
wealth, but like the Altruistic Achievers, are charitably
inclined. While the Satisfied Savers are for the most part
financially savvy and confident - almost to the degree of the
Deal Masters - they feel there is more to life than money.
-- The Disengaged Inheritors (13%) have received and built their
wealth largely through inheritance, as well as perseverance
and living below their means. This second wealthiest and
second oldest segment acts as though it feels its wealth is
deserved rather than earned. While they are least clear on
what their wealth provides them, they certainly do not want to
give it up and likely feel it is one of the only aspects of
life they can count on. Unlike many of their peers, the
Disengaged Inheritors generally lack goals and the drive to
succeed.
"This type of in-depth segmentation proves you cannot generalize
about the wealthy population," said Gordon Black, chairman and CEO of
Harris Interactive. "We know they differ in how they attained their
wealth, how they live with wealth and how they plan to ensure future
wealth," said Black.
Methodology
The annual Phoenix/Harris Interactive Wealth Survey consisted of
1,496 interviews conducted online by Harris Interactive between March
25 and April 9, 2003 with U.S. adults ages 18 years and over who were
financial decision makers for households with a net worth of $1
million or more, minus any debt and excluding primary residence. The
data are representative of the total population meeting the criterion
measured for this survey. "Propensity score" weighting was also used
to adjust for respondents' propensity to be online. In theory, with
probability samples of this size, one could say with 95 percent
certainty that the results have a statistical precision of +/-3
percentage points of what they would be if the entire affluent adult
population had been polled with complete accuracy. This online survey
is not a probability sample.
About The Phoenix Companies, Inc.
The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of
wealth management products and services to individuals and
institutions. Through a variety of advisors and financial services
firms, Phoenix helps the affluent and high net worth accumulate,
preserve and transfer their wealth with an innovative portfolio of
life insurance, annuity and investment management products and
services. With a history dating back to 1851, The Phoenix Companies,
Inc. has two principal operating subsidiaries, Phoenix Life Insurance
Company and Phoenix Investment Partners, Ltd. The company offers trust
services through Phoenix National Trust Company and private placement
insurance products through Philadelphia Financial Group, both
subsidiaries. Phoenix has corporate offices in Hartford, Conn. For
more information on Phoenix, visit www.PhoenixWealthManagement.com.
About Harris Interactive(R)
Harris Interactive(R) (www.harrisinteractive.com) is a worldwide
market research and consulting firm best known for The Harris Poll
(R)and for pioneering the Internet method to conduct scientifically
accurate market research. Headquartered in Rochester, New York,
U.S.A., Harris Interactive combines proprietary methodologies and
technology with expertise in predictive, custom, and strategic
research. The Company conducts international research through wholly
owned subsidiaries - London-based HI Europe (www.hieurope.com) and
Tokyo-based Harris Interactive Japan - as well as through the Harris
Interactive Global Network of local market- and opinion-research
firms, and various U.S. offices.
For further information about the 2003 Phoenix/Harris Interactive
Wealth Survey, please visit www.PhoenixWealthManagement.com. Link to
information via the survey icon.
about the wealthy, a certain picture undoubtedly comes to mind.
Perhaps you see someone at the top of their game, highly confident and
driven, who considers money a source of challenge, fun and happiness.
If so, you've possibly identified just 11 percent of the wealthy
population. What about the other 89 percent?
For the last four years, The Phoenix Companies, Inc. (NYSE:PNX)
has commissioned a national survey with Harris Interactive(R) to
better understand the wealthy and their financial needs. This year,
Phoenix went a step further to define the market: The 2003
Phoenix/Harris Interactive Wealth Survey uncovered six distinct
segments within the population.
"Phoenix is an expert in this market, and through our survey, we
have further confirmed the wealthy are a sophisticated and
multi-faceted demographic. Our segmentation analysis gives us a
clearer and deeper understanding of the many differences and
similarities within this group," said Walter H. Zultowski, Ph.D.,
senior vice president, Marketing and Market Research of The Phoenix
Companies, Inc.
The Six Segments include:
-- The Deal Masters (11%) are the youngest and wealthiest
segment. Their net worth went down the least (23%) over the
past three years. Members of this group are confident and
optimistic and enjoy the challenge of making more money.
They've achieved their success through working hard, being
persistent, taking risks and relying on their own financial
know-how. For the Deal Masters, success - whether it's making
more money or finding a great bargain - is a challenge.
-- The Altruistic Achievers (17%) are also driven to succeed but
with aspirations to be charitable with their wealth. This
segment lost the most in net worth (33%) over the past three
years, and is most open to working with a financial advisor.
Though successful in work and family, unlike the Deal Masters,
they lack the time, interest and know-how to manage their
finances. To the Altruistic Achievers, wealth not only means
security, freedom and choice, but a means to give to those
less fortunate.
-- The Secret Succeeders (17%) have achieved their wealth
somewhat unexpectedly and, as a result, are ill at ease with
their success. This segment tries to hide their wealth for
fear they may lose it, but at the same time expects superior
treatment due to perceived status. Financial control for the
Secret Succeeders is key, as they don't want to take the
chance of parting with their money.
-- The Status Chasers (18%) want it all, but have not been able
to achieve their major financial goals as of yet. Members of
this segment became millionaires most recently and define
wealthy at a level three times their current net worth. The
Status Chasers are continually striving to gain more, yet are
also most pessimistic about their own financial future and the
nation's, feeling their finances are to a great extent beyond
their control.
-- The Satisfied Savers (24%) are the oldest and largest segment.
This group is largely happy and fulfilled. The Satisfied
Savers have built fortunes through hard work, persistence and
living below their means. They enjoy the security of their
wealth, but like the Altruistic Achievers, are charitably
inclined. While the Satisfied Savers are for the most part
financially savvy and confident - almost to the degree of the
Deal Masters - they feel there is more to life than money.
-- The Disengaged Inheritors (13%) have received and built their
wealth largely through inheritance, as well as perseverance
and living below their means. This second wealthiest and
second oldest segment acts as though it feels its wealth is
deserved rather than earned. While they are least clear on
what their wealth provides them, they certainly do not want to
give it up and likely feel it is one of the only aspects of
life they can count on. Unlike many of their peers, the
Disengaged Inheritors generally lack goals and the drive to
succeed.
"This type of in-depth segmentation proves you cannot generalize
about the wealthy population," said Gordon Black, chairman and CEO of
Harris Interactive. "We know they differ in how they attained their
wealth, how they live with wealth and how they plan to ensure future
wealth," said Black.
Methodology
The annual Phoenix/Harris Interactive Wealth Survey consisted of
1,496 interviews conducted online by Harris Interactive between March
25 and April 9, 2003 with U.S. adults ages 18 years and over who were
financial decision makers for households with a net worth of $1
million or more, minus any debt and excluding primary residence. The
data are representative of the total population meeting the criterion
measured for this survey. "Propensity score" weighting was also used
to adjust for respondents' propensity to be online. In theory, with
probability samples of this size, one could say with 95 percent
certainty that the results have a statistical precision of +/-3
percentage points of what they would be if the entire affluent adult
population had been polled with complete accuracy. This online survey
is not a probability sample.
About The Phoenix Companies, Inc.
The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of
wealth management products and services to individuals and
institutions. Through a variety of advisors and financial services
firms, Phoenix helps the affluent and high net worth accumulate,
preserve and transfer their wealth with an innovative portfolio of
life insurance, annuity and investment management products and
services. With a history dating back to 1851, The Phoenix Companies,
Inc. has two principal operating subsidiaries, Phoenix Life Insurance
Company and Phoenix Investment Partners, Ltd. The company offers trust
services through Phoenix National Trust Company and private placement
insurance products through Philadelphia Financial Group, both
subsidiaries. Phoenix has corporate offices in Hartford, Conn. For
more information on Phoenix, visit www.PhoenixWealthManagement.com.
About Harris Interactive(R)
Harris Interactive(R) (www.harrisinteractive.com) is a worldwide
market research and consulting firm best known for The Harris Poll
(R)and for pioneering the Internet method to conduct scientifically
accurate market research. Headquartered in Rochester, New York,
U.S.A., Harris Interactive combines proprietary methodologies and
technology with expertise in predictive, custom, and strategic
research. The Company conducts international research through wholly
owned subsidiaries - London-based HI Europe (www.hieurope.com) and
Tokyo-based Harris Interactive Japan - as well as through the Harris
Interactive Global Network of local market- and opinion-research
firms, and various U.S. offices.
For further information about the 2003 Phoenix/Harris Interactive
Wealth Survey, please visit www.PhoenixWealthManagement.com. Link to
information via the survey icon.
