Banks will not gain a lot of assets as the mass affluent put more money into their retirement savings and stock portfolios, a survey concludes.
Phoenix Affluent Marketing Service, of Rhinebeck, N.Y., which released the report Monday, surveyed 1,100 affluent U.S. households.
It said that of the 70% of mass affluent investors who plan to increase their retirement accounts, 27% plan to give the increases to full service brokers and 21% to online discount brokers. Banks will probably receive only 7% of new retirement assets, the survey found.
Furthermore, 49% of the mass affluent who plan to increase their stock portfolios will likely place their assets with online discount brokers and 35% with full-service brokers.
Only 1% of these investors plan to invest their money with banks and private banks.
The survey indicated that banks continue to capture deposits. Of the 62% of mass affluent who plan to put more of their assets in their deposit accounts, 51% plan to deposit them in a bank.
