Bank of America (BAC) said Tuesday that its latest Merrill Edge mass-affluent survey found that 63% of the mass affluent are seeking financial information and guidance from established sources, such as financial advisors, versus, 53% in January. About 37% of the mass affluent are turning to their brokerage firm versus 32% earlier this year.
In addition, the number one factor mass-affluent Americans cite as increasing their confidence in their ability to meet their financial goals is receiving advice from a qualified financial advisor (50%). This group is also quick to adopt emerging technology, with 50% indicating that they are avid users of online banking and investing.
"Representing one out of every four U.S. households, the mass affluent have tremendous financial potential," said John Thiel, head of U.S. Wealth Management for Merrill Lynch, in a statement. "However, we know that their financial confidence is wavering, and they still struggle to manage short- and long-term finances."
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