First Citizens "Beyond Wealth" Study

First Citizens recently shared its first “Beyond Wealth” study, conducted in partnership with Logica Research. This research was conducted to gather insights on how affluent Americans, defined as those with over $500,000 in investable assets, manage their finances and view their future financial planning. Attitudes towards money management, retirement, estate planning and wealth transfer were gathered.

The study was covered by Investment News, Advisor Magazine, and 401K Specialist Magazine, among others. 

Money Management Among Affluent Americans

The First Citizens study, conducted with Logica, revealed that a significant majority of affluent Americans believe they are managing their money better than others. Advisor Magazine shares from the study that “about half are not stressed about their finances” but findings uncover that some respondents still face some financial and retirement insecurity.

Retirement and Wealth Transfer Concerns

When it comes to retirement and wealth transfer, affluent Americans show a mix of confidence and uncertainty. According to coverage in Advisor Magazine, when looking at retirement and wealth transfer some affluent Americans are less prepared. The article also points out that the primary concern of affluent Americans preparing for retirement is maintaining their lifestyle.

The respondents shared that if they want to retire and have money to pass down to heirs, they will need much more saved for retirement. The article in 401K Specialist reports how the findings show that some continue to fall short of their retirement goals on this front. Also, only half feel very prepared to pass down money to heirs with a written plan and strategy in place with only two-thirds having a will, and even fewer having an estate plan.

The Role of Financial Advisors

Investment News underscores how the study found that financial advisors play a crucial role in wealth management. “The survey revealed a widespread appreciation for financial advisors. Nine-tenths of respondents (89 percent) acknowledged that they have generated more wealth with a professional advisor behind than they could have alone.” 

Interestingly, the study found that younger generations are engaging with financial advisors earlier. Millennials, on average, started working with an advisor at age 29, compared to Gen X at 36 and Boomers at 43. This trend highlights the growing awareness and proactive approach towards wealth planning among younger generations.

Read the news in Investment News, Advisor Magazine, and 401K Specialist Magazine, or go straight to First Citizens’ report here. 

About First Citizens Bank And The “Beyond Wealth” Study

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states. The online survey for the “Beyond Wealth” study was conducted among a sample of 1,000 Americans with greater than $500,000 in investable assets in April 2024 by Logica Research.