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2014 LEGG MASON GLOBAL INVESTMENT SURVEY
INDEPENDENT EXPERTISE. SINGULAR FOCUS.
®
Past performance is no guarantee of future results. All investments involve risk, including possible loss of principal. This material is not for public distribution outside the United States of America. Please refer to the disclosure information on the final page. IN THE US – INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
TRENDING NOW: KEY THEMES
1 2 3 4 5 6 7 2
SHORT-TERM CONFIDENCE, LONG-TERM CONCERN World investors exhibit guarded optimism about the present but express doubt about the future environment.
FOCUS ON WEALTH-BUILDING
Growing wealth is a top focus of global investors, evidenced by broad interest in holding more equities and non-traditional investments
NEXT-GENERATION ADVICE: PLAN AHEAD
Planning is a virtue, both for investors now and in the advice they want to give the next generation.
INCOME STILL A CHALLENGE
Satisfaction with income investments remains modest — and the “gap” between actual and hoped-for return on income investments widened for world investors.
ALTERNATIVES: ON A LEARNING CURVE
Interest in alternatives and non-traditional strategies outpaces allocations; lack of understanding remains an obstacle.
INVESTING ABROAD: THE REALITY OF HOME BIAS Willingness to invest abroad varies greatly by market, but those who don’t do so say they are unlikely to consider it.
HIGH MARKS FOR FINANCIAL ADVISORS
World investors with advisors are largely positive in their assessment of their value, and two-thirds of those who don’t have an advisor are interested in working with one.
3
WHAT WORLD INVESTORS ARE SAYING When investors worldwide talk about money, what dominates the conversation? Where do they see opportunity, and where do they see peril? How different are they from country to country? To learn more, Legg Mason surveyed affluent investors in 20 major financial markets in the Americas, Europe, Asia and Australia about current investments and future opportunities, focusing on those in the prime of their financial lives (age 40-75). We certainly saw variation from market to market based on local economic conditions and cultural norms, particularly in attitudes about the future and the willingness to invest abroad. Yet the portrait of the global investor that emerged is consistent in revealing a pragmatic approach to investing in a world that has yet to fully absorb the legacy of the 2008 financial crisis. Conservative at heart, but leaning toward risk Global investors overall remain conservative in their risk tolerance; Chinese investors stood out as most likely to identify their tolerance as somewhat or very aggressive (38%), with Belgian and Brazilian investors the least likely (17%) followed closely by the French (18%).
Overall, asset allocations reflect a conservative bias
Average allocation (% of portfolio)
Overall risk tolerance for investing (%)1 Very conservative
10
Somewhat conservative
55
Somewhat aggressive
34
Very aggressive
2
Cash or cash equivalents
27
Equities
25
Fixed income
20
Investment real estate
17
Non-traditional investments*
7
Other
5
* Defined in survey as Investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities and which may use tactics such as hedging, shorting and derivatives. 1 Does not sum to 100% because of rounding. 4
Yet global investors appear to be embracing risk assets in the form of equities and non-traditional investments in their plans and perceptions of opportunity for the immediate future. Equities led the list of asset classes that investors planned to hold more of in the next 12 months, with domestic stocks most likely to be identified as one of the top 3 investment opportunities for that period. % plan to increase allocation in next 12 months to... Equities
37
Cash or cash equivalents
37
Fixed Income
33
Investment real estate
27
Non-traditional investments
26
Top 3 best investment opportunities over next 12 months (%) Domestic stocks
59
Real estate
42
Cash
39
Gold or other precious metals
38
Domestic bonds
38
International stocks
32
Non-traditional investments
30
International bonds
MOST LIKELY TO SEE DOMESTIC STOCKS AS A TOP 3 OPPORTUNITY (%)
74 US
69 Japan
LEAST LIKELY TO SEE DOMESTIC STOCKS AS A TOP 3 OPPORTUNITY (%)
25
25
Italy
Mexico
24
MOST LIKELY TO SEE DOMESTIC BONDS AS A TOP 3 OPPORTUNITY (%)
44 China
33 Japan
LEAST LIKELY TO SEE DOMESTIC BONDS AS A TOP 3 OPPORTUNITY (%)
MOST LIKELY TO SEE NON-TRADITIONAL INVESTMENTS AS A TOP 3 OPPORTUNITY (%)
46
46
Mexico
Colombia
LEAST LIKELY TO SEE NON-TRADITIONAL INVESTMENTS AS A TOP 3 OPPORTUNITY (%)
15
16
13
14
Colombia
Taiwan
Switzerland
Germany
5
1
Confidence in ability to achieve my financial goals (%)
SHORT-TERM CONFIDENCE, LONG-TERM CONCERN
Overall, world investors express guarded optimism about their immediate prospects (rated on average 6.8 on a scale of 1 to 10). They also expressed a fairly high level of confidence in their ability to achieve their financial goals (75% very/somewhat confident) and to make successful decisions in today’s environment (70%). But that said, the proportion who were very confident in either outcome was low (22% and 12% respectively).
6.8
OPTIMISM ABOUT INVESTMENTS IN NEXT YEAR: (NEXT YEAR: AVG) (ON A SCALE OF 1 TO 10, WITH 10 AS MOST OPTIMISTIC)
Most optimistic US
7.2
Colombia 7.2 China
7.0
Least optimistic Japan
5.5
France
5.7
Taiwan
5.7
GERMANY
88
%
SAID THEY ARE SOMEWHAT OR VERY CONFIDENT IN ABILITY TO MANAGE THEIR INVESTMENTS — THE HIGHEST OF ALL MARKETS SURVEYED
6
Very confident
22
Somewhat confident
54
Not at all/not very confident
25
Confidence in ability to make successful financial decisions in today’s market environment (%) Very confident
12
Somewhat confident
58
Not at all/not very confident
30
But looking farther into the future, investor expectations were less positive. Nearly half (46%) believe the environment for investing will be more difficult for the next generation. Italian and French investors were among the most likely to take a pessimistic view (80% and 78% respectively), reflecting current economic challenges. Among the largest economies, 70% of US investors felt things would be more difficult later and only 6% that they would be easier. In contrast, only 34% of Chinese investors predicted things would be more difficult, and 41% that they would be easier, by far the highest in any market surveyed. Type of investment environment future generation will face (%) More difficult
46
About the same
25
Easier 29
ITALY
31
%
OF PORTFOLIOS ALLOCATED TO FIXED INCOME — THE HIGHEST OF EUROPEAN MARKETS SURVEYED
2
3
FOCUS ON WEALTH ACCUMULATION
NEXT-GENERATION ADVICE: PLAN AHEAD
Wealth accumulation was the top ranked goal among those “Make a plan and stand by it“ was the most popular advice surveyed. Asked to identify their three primary goals of (62%) for future generations among world investors — not investing, almost three-quarters (74%) selected “grow my surprising given that “developed a financial plan” ranked wealth” — outpacing more defensive goals such as “providing #1 as the decision that had the most positive impact on for my own retirement” (62%), “protect my wealth” (59%), investors’ success over the past two years (48%). Overall, and “maintain my current lifestyle later in life” (57%). their advice leaned toward caution: twice as many respondents picked “be cautious about risks” as “don’t Primary goals of investing (%) be afraid to take risks”, which ranked dead last. Grow my wealth
74
Providing for my own retirement
62
Investment advice for future generations (%)
Protect my wealth
59
Make a plan and stand by it over time
57
Make sure you understand what you invest in
61
Start investing early in life
55
Maintain my current lifestyle later in life
The tilt toward equities evident in attitudes about allocation in the next 12 months may in part reflect perceptions about their ability to outpace inflation, which was ranked as the top issue that could derail progress (49%).
62
Avoid short-term decisions based on emotion
54
Be cautious about taking risk
44
Don’t make the mistakes that I have made
32
Employ a professional financial advisor
31
Don’t be afraid to take risks
23
Concerns that could derail investment progress (%) Inflation 49
Decision with most positive impact on investing success in past 2 years (%)
Making the wrong investment decisions
37
Low economic growth in my country
33
Developed a financial plan
Increasing market volatility
32
Invested in products other than just stocks and bonds
42
Took cash off the sidelines and invested it
40
Changed my spending habits so I could save/invest more
36
UNITED KINGDOM
56
%
SAY DOMESTIC STOCKS OFFER THE BEST OPPORTUNITIES IN NEXT 12 MONTHS — THE HIGHEST OF EUROPEAN MARKETS SURVEYED
48
CHINA
38
%
LABELED THEIR INVESTMENT RISK TOLERANCE “AGGRESSIVE” — THE HIGHEST OF ANY MARKET SURVEYED
7
4
5
INCOME STILL A CHALLENGE
Income is still on investors’ radar: roughly the same percentage of world investors ranked income as important or extremely important (71%) as they did in Legg Mason’s Income Survey last year (69%). Satisfaction with income producing investments remains modest: only 9% are very satisfied, although 59% are somewhat satisfied. Priority of income generating investments (%) Extremely important
ALTERNATIVES: ON A LEARNING CURVE
Alternative/non-traditional investments3 command great interest, with nearly half (48%) saying they were very or extremely interested in learning more about them. 44% have some allocation to these strategies, and those who are interested say they would be willing to invest up to 29% of their portfolio in these assets. Interest in learning about non-traditional investments (%)
22
Extremely interested
15
Important 49
Very interested
33
Somewhat important
Somewhat interested
32
Not at all/not very interested
20
23
Not important
6
However, the “income gap” between actual and hoped-for return on income investments widened for world investors between this year’s and last year’s surveys — moving from 280 basis points2 last year to 330 basis points this year. Some markets did do better; the US income gap actually shrank vs. last year. For the most part, the gap was driven by investor expectations about return on income investments; expectations varied far more than the actual returns reported by investors.
However, on a global basis, non-traditional strategies represent only 7% of portfolio allocations, and only a quarter say they plan to increase the proportion of these assets in their portfolio over the next 12 months. There is clearly an opportunity for financial firms and professionals to provide more education about these strategies: a lack of understanding was the most cited concern about nontraditional investments (53%). Concerns about non-traditional investments (%)
330 basis points
Lack of understanding of the product
Smallest gap: United Kingdom
150 basis points
Volatility 50
Largest gap: Chile
520 basis points
Lack of transparency
49
Higher fees
37
Lack of liquidity
30
Tax consequences
24
Global income expectations gap:
FRANCE
70
%
WOULD ADVISE FUTURE GENERATIONS TO START INVESTING EARLY IN LIFE 2 3
†
JAPAN
5.5 RATING FOR OPTIMISM ABOUT NEXT 12 MONTHS† — THE LOWEST OF ANY MARKET SURVEYED
A basis point is equivalent as 1/100th of 1%. 330 basis points represents a difference of 3.3 percentage points. Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities and which may use tactics such as hedging, shorting and derivatives. On a scale of 1-10, with 10 as most optimistic. 8
53
6
7
INVESTING ABROAD: THE REALITY OF HOME BIAS
Home bias is a long-entrenched phenomenon among global investors; there is a well-established tendency for human beings to lean toward the familiar rather than the exotic, even when the familiar is not entirely satisfying. And indeed, while 79% of investors surveyed do hold some investments abroad and 3/4 say international opportunities are more of a focus than they were 5 years ago, on average only 17% of their investments are held outside their home country. Among those who do not invest internationally, few appear ready to change: only 22% say they are likely to consider it. Focus on international opportunities compared to 5 years ago (Base: Invest internationally)
HIGH MARKS FOR FAs
Financial advisors in general earned high marks from clients, and a significant proportion of those who do not use one would like to do so. Investors who use an advisor also showed higher levels of confidence in their ability to retire and meet their goals than those who did not. The top cited benefits of using an advisor speak to the desire for wealth accumulation: #1, the opportunity for better performance (45%) and access to opportunities investors could not get on their own (42%). % who strongly agree that their financial advisor (Base: use an advisor) Is available and responsive
48
Is knowledgeable about investing and current market trends
45
Takes the time to understand my financial situation and goals
44 40
Much more of a focus
28
Provides advice tailored to my specific investment needs
Somewhat more of a focus
47
Instills confidence that he/she will help me to achieve financial success
40
No change compared to five years ago
20
Has my best interests at heart
40
Somewhat less of a focus
4
Much less of a focus
1
Top benefits received from financial advisor (Base: Use an advisor) Opportunity for better investment performance
Many factors impact the willingness of investors to send money abroad. In smaller countries or those with less developed financial infrastructures, a paucity of opportunities at home may nudge investors toward going abroad. Top reasons to invest abroad: Potential for higher returns (62%) and diversification (55%)
45
Access to investment opportunities I would not get on my own
42
Help me understand the various investments in my portfolio
40
Avoid costly mistakes I might make on my own
39
Create a formal financial plan to achieve my goals
34
Top reasons not to do so: Global uncertainty (59%) and lack of familiarity with opportunities (45%)
Overall, 55% of US respondents use an FA, vs. 38% globally. But the interest is there among non-US investors: 66% who don’t have an FA say they are extremely or very interested in working with one, vs. 26% for US investors.
Those who invest internationally see the following countries as presenting the best investment opportunities over the next 12 months, with the US and China topping the list.
Interest in working with a financial advisor (Base: do not use an advisor)
Markets representing best investing opportunities over next 12 months (Base: invest internationally or would consider doing so) United States
Extremely/very interested
66
Not very/not at all interested
34
52
China 50 Emerging markets
45
Europe (Excluding UK)
35
Brazil 25 India 22 Japan 21 United Kingdom
19
Russia 19 Latin America (Excluding Mexico)
12
9
WORLD TOUR Market-by-market highlights
US UK Italy Switzerland Sweden Germany Spain Belgium France China Hong Kong Japan Singapore South Korea Taiwan Australia Brazil Chile Mexico Colombia †
On a 1-10 scale, with 10 as most optimistic
10
55% 56% 31% 49% 24% 88% 53% 23% 70% 38% 26% 5.5 61% 32% 63% 61% 60% 10% 52% 53%
use a financial advisor — second only to Hong Kong (56%) say domestic stocks offer the best opportunities in next 12 months — the highest of European markets surveyed of portfolios allocated to fixed income — the highest of all European markets surveyed are concerned about currency risk when investing internationally — the highest of European markets surveyed shifted investments from emerging markets to developed markets in past year — the highest of European markets surveyed said they are somewhat or very confident in ability to manage their investments — the highest of all markets surveyed see an increasing tax burden as a key issue that could derail progress — the highest in European markets surveyed of investments are outside home country — the 2nd highest in European markets surveyed (tie with Sweden) would advise future generations to start investing early in life labeled their investment risk tolerance “aggressive” — the highest of any market surveyed hold investments outside of home country — the highest of Asian markets surveyed rating for optimism about next 12 months† — the lowest of any market surveyed see global uncertainty as a major barrier to investing internationally the portfolio allocation that those interested in non-traditional investments would be willing to invest in these assets in next year said “protect my wealth” was a primary goal of investing — second only to Colombia were not interested in learning about non-traditional investments — the highest of any market surveyed chose “inflation” as something they fear could derail their progress — the highest of all markets surveyed of assets held outside home country — the lowest of all markets surveyed said gold/precious metals offer best opportunity in next 12 months — the highest of all markets surveyed selected “don’t make the same mistakes I have made” as advice for future generations — the highest of all markets surveyed
SURVEY METHODOLOGY A quantitative online survey methodology was used to conduct the survey, with a total of 4,320 investors across 20 markets completing the survey questionnaire. Market
Sample size
United States
Total: 500
Europe (UK, France, Spain, Italy, Germany, Switzerland, Belgium, Sweden)
Total: 1,602 (200-201 per market)
Asia (China, Hong Kong, Singapore, Japan, Taiwan, South Korea)
Total: 1,212 (200-207 per market)
Latin America (Brazil, Chile, Mexico, Colombia)
Total: 805 (201-202 per market)
Australia
Total: 201
Respondents had to meet the following screening criteria: Sole or joint decision-maker for household investment decisions $200,000+ investable assets (includes investment real estate but not primary residence/vacation property) Age 40-75
Field work for the survey was conducted between December 10, 2013 and January 10, 2014. In each market, samples included roughly equal numbers of respondents for the $200K-$999K group and $1MM+ group; the data was then weighted to be representative of the $200K-$999K and $1MM+ household total investable assets populations. Additional sampling and weighting factors were applied to the US, UK, Singapore and Australia data to align age distribution of respondents with that of relevant populations. Global investor figures are composites based on weighted average of countryspecific findings, weighted by relative incidence of qualified investors in each country. The research was conducted by Northstar Research Partners, an independent global marketing research firm with offices in New York, Toronto and London (www.northstarhub.com). Northstar conducts research across a wide range of industry sectors and is a recognized leader in financial services marketing research. IMPORTANT INFORMATION All investments involve risk, including loss of principal. Neither diversification nor asset allocation can assure a profit or protect against market loss. Equity securities are subject to price fluctuation and possible loss of principal. Fixed-income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Commodities contain heightened risk that include market, political, regulatory, and natural conditions and may not be suitable for all investors. Most alternative investment assets are held by institutional investors or accredited, high-net-worth individuals because of their complex nature, limited regulations and relative lack of liquidity. Alternative investments include hedge funds, managed futures, real estate, commodities and derivatives contracts. Foreign securities are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investment in emerging markets. 11
Spain
Italy
Germany
Switzerland
Belgium
Sweden
Brazil
Chile
Mexico
Colombia
Hong Kong
Singapore
Japan
Taiwan
22
32
25
19
21
29
34
35
25
40
32
30
31
23
30
49
32
24
26
25
25
41
31
20
22
17
19
17
19
29
10
15
14
11
24
25
25
25
21
23
26
Fixed Income
20
21
15
19
23
31
18
23
22
14
14
18
18
14
16
16
9
12
22
14
10
Investment real estate
17
6
12
23
21
21
24
15
14
12
20
15
23
23
20
15
7
21
20
25
27
Australia
UK
27
Equities
China
US
Cash or cash equivalents
France
Global
South Korea
APPENDIX: DATA BY MARKET
Allocation decisions Average allocation of assets (% of portfolio)
Non-traditional investments††
7
4
5
6
8
5
3
4
3
6
6
7
8
11
12
8
4
6
8
8
2
Other
5
7
7
8
7
6
8
8
7
15
9
13
9
11
5
6
6
6
5
4
11
37
25
38
25
42
26
34
36
38
30
48
37
40
41
56
42
35
31
41
38
32
Cash or cash equivalents
37
25
25
24
32
23
25
33
28
27
62
53
58
59
48
38
33
32
40
41
37
Fixed Income
33
17
18
19
29
30
20
25
33
21
47
39
41
46
49
28
21
28
39
35
25
Investment real estate
27
12
19
16
25
19
21
20
31
14
58
43
41
60
46
32
18
29
29
27
29
Non-traditional investments
26
13
19
16
27
22
19
18
19
16
38
28
40
49
48
32
21
18
32
28
12
% plan to increase allocation in next 12 months to... Equities
% plan to keep same allocation in next 12 months to… Non-traditional investments
63
81
76
64
65
60
68
74
67
71
46
48
49
40
45
55
64
66
58
52
83
Investment real estate
62
83
73
72
61
63
73
73
60
71
33
46
50
31
44
59
70
55
58
54
64
Fixed Income
60
77
75
68
52
55
64
71
58
70
41
49
48
45
45
61
64
61
57
54
70
Cash or cash equivalents
52
66
53
55
44
60
61
54
49
59
29
41
31
30
39
51
59
56
48
51
51
Equities
50
68
54
55
48
51
53
57
51
63
36
46
52
49
35
48
50
50
46
40
66
6
8
20
9
22
13
7
11
8
16
17
8
10
9
11
15
19
13
23
2
% plan to decrease allocation in next 12 months to... Equities
13
Investment real estate
12
5
9
12
14
17
7
7
8
15
9
11
9
9
10
8
12
16
12
19
7
Cash or cash equivalents
12
9
22
21
23
18
14
14
22
14
10
6
11
11
14
11
8
11
11
8
12
Non-traditional investments
11
5
5
20
8
18
13
8
13
14
17
25
10
10
7
14
14
15
11
20
5
Fixed Income
6
7
7
12
19
15
17
4
9
8
11
12
11
10
6
11
15
11
5
11
5 61
Top 3 best investment opportunities over next 12 months (%)
††
Domestic stocks
59
74
56
38
48
25
47
48
38
53
38
38
25
34
48
51
69
58
56
53
Real estate
42
38
60
68
46
50
64
69
71
61
83
84
71
82
46
49
33
60
40
48
71
Cash
39
28
28
22
42
24
35
41
26
22
44
31
38
30
46
40
57
51
37
61
37 36
Gold or other precious metals
38
33
37
41
38
37
47
44
39
37
42
41
52
44
28
39
35
25
40
35
Domestic bonds
38
31
25
20
32
29
24
29
26
18
28
24
23
15
30
21
33
16
44
26
17
International stocks
32
53
50
54
41
48
44
37
47
60
21
26
24
31
48
42
34
33
26
27
45
Non-traditional investments
30
23
28
33
26
32
14
13
23
28
29
42
46
46
25
38
23
17
31
30
21
International bonds
22
19
16
25
27
56
26
19
29
22
14
13
20
19
29
20
15
40
25
21
11
Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities, which may use tactics such as hedging, shorting and derivatives. 12
South Korea
7
6.3 6.5
9
35
26
22
16
50
17
23
37
13
16
Australia
Hong Kong
6.7 6.4 5.5 5.7
China
Colombia 7.2
Taiwan
Mexico
6.8 6.2 6.9
Japan
Sweden 6
Singapore
Belgium 5.8
Chile
Switzerland 6
Brazil
Germany 6.4
Italy
Spain
France
UK
US
Global
6.1
Sentiment/confidence Optimism about investments in next year (avg. on scale of 0-10, with 10 as most optimistic) Average
6.8
7.2
6.8 5.7 6.3
Confidence in having enough money to live lifestyle desired in retirement Very confident
28
28
37
16
21
Somewhat confident
57
59
Not at all/not very confident
15
12
12
20
33
12
49
52
58
57
50
53
53
60
36
44
54
45
70
15
32
21
34
15
21
25
24
14
38
23
18
17
6
4
25
18
18
26
24
64
41
59
58
58
47
21
47
21
9
30
29
8
8
7
9
14
4
10
Confidence in ability to make successful financial decisions in today's market environment Very confident
12
12
18
4
19
14
15
Somewhat confident
58
63
Not at all/not very confident
30
25
Very confident
22
Somewhat confident Not at all/not very confident
14
56
48
54
50
64
61
50
53
52
49
56
54
60
56
38
42
61
56
58
27
48
27
36
22
25
45
42
23
33
26
20
31
36
56
49
25
40
32
24
27
10
22
19
22
17
7
10
41
25
29
39
12
10
8
11
25
9
20
54
61
56
50
54
53
65
65
56
51
46
46
52
44
59
63
44
52
53
50
51
25
15
18
40
24
28
14
18
37
39
13
29
19
17
29
27
48
37
22
41
29
Very confident
29
39
49
30
29
28
35
32
40
31
44
34
38
48
16
16
18
20
28
16
25
Somewhat confident
49
48
35
34
39
36
45
47
33
41
31
32
39
29
54
57
43
46
53
41
41
Not at all/not very confident
22
14
16
36
31
36
20
22
26
28
25
33
23
23
30
28
38
35
19
43
34
23
19
30
14
24
20
26
18
12
15
46
26
28
36
11
10
15
8
26
8
19
Somewhat confident
57
60
54
60
54
55
62
65
64
64
42
43
50
45
62
67
48
61
59
53
53
Not at all/not very confident
20
20
15
26
22
25
12
17
23
21
12
32
23
19
26
23
38
31
15
39
28
15
10
19
11
7
8
26
14
16
19
11
8
11
6
12
7
8
Confidence in ability to achieve my financial goals
Confidence in ability to retire at the desired age
Confidence in my ability to manage my investments Very confident
Confidence in understanding of the complexity of investing/financial markets Very confident
12
14
18
11
Somewhat confident
54
51
55
39
42
43
52
48
44
46
43
35
41
41
57
55
39
48
59
43
48
Not at all/not very confident
35
35
27
50
43
47
29
41
49
47
31
51
43
40
32
37
50
46
29
50
44
10
13
20
22
21
22
22
19
26
16
33
21
22
22
8
10
27
8
4
13
19
Overall risk tolerance for investing Very conservative Somewhat conservative
55
52
53
59
53
54
56
62
56
48
50
57
47
51
56
62
45
63
58
58
58
Somewhat aggressive
34
31
23
17
23
20
22
18
15
35
14
18
28
23
31
25
24
28
37
26
20
Very aggressive
2
4
4
1
4
3
1
1
2
2
2
3
3
5
5
4
4
1
1
2
4
Advice to future generations Type of investment environment future generation will face More difficult
46
70
62
78
61
80
65
68
76
54
56
44
68
58
69
76
45
79
34
71
69
About the same
25
24
30
16
26
14
30
27
21
36
21
32
19
22
15
15
39
14
24
14
25
Easier
29
6
9
6
14
6
5
5
3
10
23
24
13
20
16
10
16
8
41
15
5
Investment advice for future generations Make a plan and stand by it over time
62
50
30
32
43
46
37
43
41
50
62
66
67
76
44
51
46
62
70
65
48
Make sure you understand what you invest in
61
54
53
56
62
56
69
66
63
65
67
66
66
77
48
71
52
51
63
49
66
Start investing early in life
55
82
74
70
37
49
62
61
59
68
82
80
72
79
54
70
19
68
49
41
85
Avoid short-term decisions based on emotion
54
51
52
44
52
54
46
51
63
49
68
64
55
71
38
58
33
53
56
43
57
Be cautious about taking risk
44
30
31
45
52
57
50
60
63
32
64
52
57
63
43
48
37
41
45
46
30
Don't make the mistakes that I have made
32
10
9
17
22
16
17
13
27
15
38
47
34
53
29
30
22
45
37
38
21
Employ a professional financial advisor
31
33
28
13
20
14
18
20
16
19
35
28
40
46
26
21
18
14
33
26
33
Don't be afraid to take risks
23
26
24
14
19
17
12
9
16
15
26
36
35
43
30
27
17
25
24
11
25
13
Australia
South Korea
China
6
2
2
3
16
5
16
16
9
9
11
6
21
7
1
19
14
4
10
12
24
25
42
38
33
17
23
20
41
33
9
Somewhat interested
32
28
29
33
42
35
26
36
30
38
35
44
33
35
39
51
35
49
31
44
29
Not at all/not very interested
20
56
51
55
22
35
55
58
58
48
24
25
9
10
18
22
31
26
7
16
61
31
33
31
24
31
24
30
32
23 46
Japan
10
23
Chile
13
9
Brazil
Taiwan
Singapore
Hong Kong
Colombia
Mexico
Sweden
Belgium
Switzerland
Italy
Germany
Spain
4
13
France
7
12
UK
4
33
US
15
Very interested
Global Extremely interested
Non traditional investments†† Interest in learning about non-traditional investments
% of investment portfolio willing to Invest in non-traditional investments (Base: Interested in non-traditional Investments) Average
29
26
21
21
22
23
31
22
19
24
27
33
Benefits of non-traditional investments Provide additional diversification of my portfolio
56
49
37
46
48
52
34
26
49
35
45
43
50
53
40
54
36
46
63
42
Opportunities to outperform market averages
48
49
46
39
41
48
46
33
33
42
60
43
53
50
48
54
40
36
47
55
47
Help protect against downturns in the equity market
46
49
41
31
40
39
46
42
36
44
27
54
53
57
45
54
45
46
46
38
50
Access to investment strategies that I can't access on my own
40
22
22
29
36
35
22
32
22
34
27
43
49
47
37
36
26
40
47
38
29
Concerns about non-traditional investments Lack of understanding of the product
53
51
59
41
38
40
42
40
45
40
61
36
38
49
45
57
35
71
56
44
62
Volatility
50
58
49
43
46
40
17
21
29
17
40
44
50
58
32
43
36
48
50
55
55
Lack of transparency
49
32
37
51
48
52
58
54
48
37
47
54
39
43
39
51
39
60
54
37
39
Higher fees
37
43
42
27
31
18
26
32
35
45
32
43
34
28
41
49
32
36
38
24
45
Lack of liquidity
30
30
24
18
26
21
22
23
13
23
33
36
39
41
27
40
28
32
29
31
26
Tax consequences
24
33
27
31
31
29
28
23
37
31
30
31
48
41
28
26
31
23
19
23
34 –
% who do not understand term at all/very well (Base: US/Europe only) Unconstrained investments
41
64
60
27
42
35
60
55
55
65
–
–
–
–
–
–
–
–
–
–
Alternative investments
62
42
35
20
32
27
20
23
31
27
–
–
–
–
–
–
–
–
–
–
–
Long-short investments
76
25
31
9
20
10
42
45
27
19
–
–
–
–
–
–
–
–
–
–
–
Total return
83
16
16
23
38
31
9
14
29
23
–
–
–
–
–
–
–
–
–
–
–
Yield
84
17
13
12
41
7
10
11
12
13
–
–
–
–
–
–
–
–
–
–
–
56
Progress against goals Primary goals of investing Grow my wealth
74
57
48
29
53
51
49
52
42
42
59
51
68
69
66
65
49
69
84
63
Providing for my own retirement
62
82
72
59
56
49
69
73
64
70
61
68
68
68
56
71
41
79
57
66
79
Protect my wealth
59
58
42
47
55
55
57
55
53
36
53
50
59
68
51
63
38
56
63
36
50
Maintain my current lifestyle later in life
57
70
60
58
68
56
72
64
66
63
67
63
63
71
51
54
46
61
54
50
74 30
Protect my wealth for my children
40
20
23
41
48
48
25
25
43
24
57
46
59
66
35
36
16
31
47
35
Provide for a family member's need
36
16
17
12
20
14
17
15
10
8
47
32
34
37
37
24
13
38
44
32
9
Generate income for living expenses
31
55
47
21
44
43
31
43
38
42
50
50
51
60
47
55
34
25
21
36
57
Provide for my family after I am gone
28
29
26
32
39
39
36
38
36
22
48
43
55
60
43
41
20
34
26
27
29
Saving for a major purchase
17
9
14
15
12
15
24
25
15
18
44
40
31
43
25
24
9
3
19
20
11
Protecting my wealth
61
58
55
41
88
45
76
57
62
42
82
68
73
81
68
45
32
64
65
39
50
Maintaining my current lifestyle later in life
59
64
55
39
83
41
77
58
60
51
75
65
73
79
66
40
33
63
62
40
45
Providing for my own retirement
58
65
60
40
80
45
77
61
64
51
73
62
66
73
60
41
31
62
61
37
45
Generating income for living expenses
55
64
62
43
82
44
64
54
61
48
74
68
77
79
62
40
34
61
54
44
43
Growing my wealth
53
54
49
35
81
36
67
42
40
40
66
55
59
68
59
35
29
57
58
34
44
Providing for my family after I am gone
55
60
61
42
80
44
75
61
67
50
73
53
70
65
62
39
31
57
57
36
47
Protecting my wealth for my children
55
55
54
45
84
45
75
48
61
44
77
67
72
77
63
41
30
53
60
32
41
Providing for a family member's need
54
62
68
48
85
47
66
44
50
47
70
67
70
60
68
42
36
62
56
38
46
Saving for a major purchase
52
59
58
39
71
40
67
45
44
54
67
60
57
61
65
32
31
48
55
44
45
Progress toward goals going very/extremely well
Defined in survey as investments focused on non-traditional asset classes, including private equity, hedge funds, currencies and commodities, which may use tactics such as hedging, shorting and derivatives.
††
14
Mexico
Colombia
Hong Kong
Singapore
Japan
Taiwan
China
33
55
56
46
33
40
43
39
35
68
69
52
45
56
55
64
33
58
60
60
34
45
41
32
41
65
71
43
42
66
56
Providing for my family after I am gone
46
40
39
58
20
56
25
39
33
50
27
47
30
35
38
61
69
43
43
64
53 54
Australia
Chile
South Korea
Sweden
60
19
Brazil
Belgium
Switzerland
29
65
Germany
Spain
61
51
Italy
France
42
46
UK
41
47
US
48
Growing my wealth
Global Saving for a major purchase
Progress against goals (Continued) Progress toward goals going somewhat/not at all well (%)
Providing for a family member's need
46
38
32
52
15
53
34
56
50
53
30
33
30
40
32
58
64
38
44
62
Generating income for living expenses
45
36
38
57
18
56
36
46
39
52
26
32
23
21
38
60
66
39
46
56
57
Protecting my wealth for my children
45
45
46
55
16
55
25
52
39
56
23
33
28
23
37
59
70
47
40
68
59
Providing for my own retirement
42
35
40
60
20
55
23
39
36
49
27
38
34
27
40
59
69
38
39
63
55
Maintaining my current lifestyle later in life
42
36
45
61
17
59
23
42
40
49
25
35
27
21
34
60
67
37
38
60
55
Protecting my wealth
40
42
45
59
12
55
24
43
38
58
18
32
27
19
32
55
68
36
35
61
50
49
36
35
11
22
25
37
18
23
14
60
33
58
45
43
53
24
51
56
28
28
Concerns that could derail investment progress (%) Inflation Making the wrong investment decisions
37
17
14
12
27
21
12
10
17
17
30
39
26
51
26
38
19
33
45
34
17
Low economic growth in my country
33
44
30
47
50
51
17
17
33
24
56
36
63
31
29
37
30
40
29
39
38
Increasing market volatility
32
30
21
17
23
29
12
15
17
6
21
35
38
39
38
39
25
31
35
36
26
An increasing tax burden
31
31
15
12
53
52
34
29
40
15
52
32
59
47
24
20
38
20
30
35
27
Low global growth
30
28
35
23
19
48
28
38
31
27
29
27
28
21
39
33
26
24
30
41
34
Low interest rates/yields
29
33
38
34
30
23
42
41
53
15
24
24
25
24
25
29
28
21
26
47
37
Geopolitical unrest
29
26
18
32
28
30
19
29
26
26
19
20
30
30
28
31
21
31
30
23
21
Economic weakness in Europe
24
25
48
41
43
45
34
39
46
34
20
29
19
20
27
28
19
16
22
23
32
Reduced economic stimulus in the US
24
32
30
13
18
18
10
8
15
31
15
21
21
21
29
30
27
29
22
30
30
Rising interest rates/yields
11
15
12
5
14
8
4
13
10
3
27
22
16
27
23
27
8
6
11
17
22
Not concerned
7
13
12
12
8
4
15
10
8
18
7
12
5
6
1
3
5
3
5
1
15
Potential obstacle to living desired lifestyle in retirement (%) (Base: Less than very confident) Having a catastrophic event that uses up my retirement funds 64
61
45
45
40
27
60
63
52
37
45
68
54
55
47
64
47
63
69
53
52
Government not following up on obligations
48
39
33
64
73
64
37
44
62
54
67
42
52
52
29
22
33
56
51
22
43
Low interest rate environment
40
33
58
30
29
32
38
38
50
21
21
20
31
28
37
36
37
44
43
35
45
Not saving enough for my retirement
37
36
28
16
32
20
29
32
21
30
52
60
56
65
39
47
36
51
36
40
49
Living longer than my retirement funds last
32
39
32
17
11
14
29
21
20
23
18
34
24
19
38
52
35
27
31
42
45
Decisions with most positive impact on investing success in past 2 years (%) Developed a financial plan
48
29
26
25
22
28
29
30
29
33
39
37
38
49
36
34
17
37
56
37
36
Invested in products other than just stocks and bonds
42
26
20
40
30
43
29
30
30
27
29
25
27
41
38
37
24
32
48
29
24
Took cash off the sidelines and invested it
40
19
36
26
42
19
31
23
26
22
33
48
42
41
32
32
35
47
44
43
31
Changed my spending habits so I could save/invest more
36
32
29
35
31
37
23
35
38
30
52
65
63
67
37
44
34
57
33
56
49
Increased the role of my existing advisor
23
14
11
9
7
8
8
11
10
8
7
1
8
11
18
8
12
9
29
11
7
Took a more global approach to investing
23
25
21
26
23
38
17
13
27
19
34
16
18
23
40
32
16
34
25
16
15
Took on more risk to achieve better returns
19
21
28
16
30
21
11
11
13
20
25
34
33
33
23
32
22
14
18
24
15
Began working with an advisor
18
17
16
14
10
12
12
12
20
9
8
14
19
16
27
14
13
4
21
22
19
15
Global
US
UK
France
Spain
Italy
Germany
Switzerland
Belgium
Sweden
Brazil
Chile
Mexico
Colombia
Hong Kong
Singapore
Japan
Taiwan
China
South Korea
Australia
38
55
34
31
26
39
17
20
32
19
11
10
31
26
56
35
20
21
39
53
36
Use of financial advisor Work with Financial advisor (%) Yes
% interested in working with a financial advisor (Base: Do not use an advisor) Extremely/very interested
66
26
22
18
37
37
23
16
19
23
27
12
36
24
52
38
37
59
87
71
28
Not very/not at all interested
34
74
78
82
63
63
77
84
81
77
73
88
64
76
48
62
63
41
13
29
72
% who strongly agree that their financial advisor (Base: Use an advisor) Is available and responsive
48
64
47
40
42
48
39
34
26
25
71
37
39
53
23
28
39
18
45
16
42
Is knowledgeable about investing and current market trends
45
61
62
40
55
45
45
31
30
43
71
41
51
57
21
30
38
21
42
17
44
Takes the time to understand my financial situation and goals 44
64
58
42
40
44
40
33
29
28
57
51
47
49
23
23
31
24
40
16
45
Provides advice tailored to my specific investment needs
40
61
48
28
38
40
39
43
26
30
70
51
28
63
21
26
31
24
36
16
43
Instills confidence that he/she will help me to achieve financial success
40
57
48
27
48
47
49
33
26
33
60
49
36
53
23
29
30
15
39
13
38
Has my best interests at heart
40
53
46
26
49
35
37
30
13
34
57
43
32
49
19
26
23
20
39
16
39
Is transparent about fees and charges
39
48
49
30
51
42
39
27
23
38
77
49
47
66
13
30
30
17
42
10
40
Brings me investing opportunities I would not find on my own 39
48
42
38
40
35
46
35
32
41
57
39
43
45
23
27
31
16
40
16
30
Asks the right questions
38
50
48
26
42
37
40
34
19
37
48
41
36
49
21
20
36
21
38
9
30
Educates me about financial matters
37
48
41
31
31
44
42
44
23
37
67
51
45
66
21
29
26
19
37
20
32
Takes a global approach to investing
28
44
39
35
35
47
33
23
26
34
59
47
33
47
22
22
31
19
24
12
27
Top three benefits received from financial advisor (%) (Base: Use an advisor) 45
45
51
29
38
47
22
37
45
50
46
55
30
32
39
52
30
55
45
51
31
Access to investment opportunities I would not get on my own 42
Opportunity for better investment performance
32
52
49
44
32
28
38
49
65
54
37
46
45
42
51
43
44
45
31
43
Help me understand the various investments in my portfolio
40
32
19
30
36
30
40
36
21
53
53
45
37
32
38
38
24
60
45
27
34
Avoid costly mistakes I might make on my own
39
45
58
38
46
41
46
34
37
21
41
43
46
51
31
28
44
31
33
48
46
Create a formal financial plan to achieve my goals
34
38
31
25
20
42
36
28
28
15
32
28
48
44
22
28
26
34
34
25
57
Someone to discuss investment ideas with
28
25
24
25
32
33
31
37
37
19
40
47
32
40
29
39
43
43
29
32
34
Someone to manage my entire portfolio
27
38
28
23
31
21
30
33
22
35
26
16
22
13
36
27
25
16
24
35
21
Peace of mind
24
40
26
38
29
27
36
33
30
40
6
20
32
34
24
13
31
6
17
38
29
36
34
34
50
34
40
41
47
51
48
50
51
60
61
61
16
Top three things financial advisors could do more of (%) (Base: Use an advisor) Better investment performance
52
25
23
50
32
Look for innovative/new solutions
44
15
13
31
31
26
16
27
38
20
34
31
45
49
34
37
26
36
58
30
24
Lower fees
37
38
48
45
31
43
31
60
44
50
25
20
20
32
33
41
31
53
37
26
36
Better customer service
27
9
12
22
28
21
19
22
16
12
45
20
29
21
36
29
38
43
32
37
22
More proactive approach
25
21
20
21
29
23
18
15
24
13
18
45
45
36
32
41
36
40
25
35
30
More financial planning support
25
13
15
27
18
25
15
17
20
21
40
25
26
30
48
25
26
33
29
43
10
More customization
24
14
19
26
36
26
30
25
28
17
23
39
27
34
36
19
34
16
25
49
13
Nothing, I am satisfied with what my advisor is doing
14
43
36
16
21
21
27
24
20
40
23
22
14
11
1
12
8
1
4
1
40
16
Global
US
UK
France
Spain
Italy
Germany
Switzerland
Belgium
Sweden
Brazil
Chile
Mexico
Colombia
Hong Kong
Singapore
Japan
Taiwan
China
South Korea
Australia
17
14
18
13
15
31
16
16
23
23
11
10
13
12
26
20
18
21
18
13
13
International investing % of investments held outside of home country Average
% of income producing assets held outside home country Average
20
16
18
16
20
29
18
23
27
22
22
21
21
18
24
21
28
23
20
16
17
Focus on international opportunities compared to 5 years ago (%) (Base: Invest internationally) Much more of a focus
28
8
11
5
30
22
4
8
6
8
32
17
31
35
12
15
22
20
34
15
8
Somewhat more of a focus
47
28
27
38
44
37
29
22
34
39
42
51
51
51
52
44
38
53
53
51
32
No change compared to five years ago
20
55
55
38
23
34
50
50
41
43
13
19
12
10
28
34
25
18
10
16
39
Somewhat less of a focus
4
7
5
11
2
5
8
17
15
7
4
11
5
3
7
7
13
8
2
17
15
Much less of a focus
1
2
3
8
2
3
9
3
4
3
9
3
1
**
1
**
3
1
**
1
6
34
69
47
41
46
54
57
41
58
52
64
65
52
54
Benefits sought by investing internationally (%) (Base: Invest internationally) Potential for higher returns than in home market
62
52
55
45
51
56
35
Diversify risk across different markets
55
59
59
55
53
55
63
47
57
59
34
34
48
45
47
55
54
69
53
32
48
Greater range of investment choices
51
37
30
34
31
31
37
32
38
34
50
38
47
57
45
42
39
45
55
49
35
Easier to buy and sell assets
31
5
15
14
31
13
15
15
7
14
27
46
51
56
32
25
16
26
39
32
11
Greater liquidity
29
7
13
17
20
14
18
19
12
18
41
49
44
58
33
29
26
25
34
36
10
% who cite as major barriers to investing internationally Global uncertainty
59
62
49
49
39
49
41
56
49
51
51
52
53
62
45
61
51
62
60
53
67
Not familiar with opportunities
45
37
41
26
44
22
33
35
33
28
49
58
56
58
40
50
23
45
49
35
44
Currency risk
39
34
39
21
29
40
36
49
28
34
39
28
41
45
44
57
50
49
39
37
45
Not enough transparency
37
21
26
34
36
30
43
35
43
42
29
39
33
34
31
40
34
59
41
43
33
Too much risk
34
29
24
29
22
19
29
22
33
22
35
29
26
30
26
40
34
36
35
35
36
4
4
3
5
5
8
7
1
1
**
**
2
27
Likelihood to consider investing outside of home country (%) (Base: Don't invest internationally) Definitely would
2
4
3
**
1
11
Probably would
20
14
39
Probably would not
51
56
36
Definitely would not
28
26
22
28
4
1
26
29
40
19
14
12
29
34
30
51
53
40
45
17
15
14
27
46
53
30
45
50
31
51
31
35
21
25
40
53
63
17
52
54
47
18
19
33
35
53
16
33
31
23
14
12
2
18
68
35
17
26 **
Likelihood to consider investing for income outside home country (%) (Base: Don't invest for income internationally) Definitely would
1
1
5
-
5
12
2
1
4
7
4
3
6
7
5
1
1
**
**
**
Probably would
24
23
24
29
43
42
22
23
5
29
36
35
54
61
52
51
22
40
16
37
24
Probably would not
51
57
46
45
42
32
48
53
45
38
30
34
18
21
36
43
63
24
52
51
53
Definitely would not
24
19
25
26
10
14
28
24
45
25
29
27
22
11
8
5
14
36
32
12
24 10
Likelihood to consider international equities (Base: Would consider investing internationally) Definitely would
6
3
20
3
3
24
23
11
56
3
12
7
11
8
15
2
**
**
**
8
Probably would
22
54
14
27
61
17
14
16
30
27
15
62
50
59
13
27
26
**
**
15
11
Probably would not
64
37
65
70
28
48
37
56
14
65
69
22
27
29
72
71
44 100 100 69
79
Definitely would not
8
6
1
**
8
10
26
16
**
5
5
9
11
4
**
**
31
**
**
7
-
Likelihood of investing internationally in fixed income (%) (Base: would consider investing internationally) Definitely would
5
8
8
**
9
14
6
**
50
3
7
12
18
17
**
**
**
**
**
**
**
Probably would
42
30
14
27
87
7
11
11
7
30
15
82
71
74
15
25
22
-
67
22
22
Probably would not
47
57
70
64
3
69
51
67
20
53
67
2
9
9
85
75
65 100 33
63
78
Definitely would not
7
6
7
9
**
10
31
22
23
15
11
3
2
**
**
**
13
15
**
**
**
** Insufficient sample size 17
China
58
40
45
46
50
54
41
37
56
45
74
63
14
71
52
59
66
Emerging Markets
45
57
45
40
46
53
39
40
52
45
38
42
30
21
37
55
53
52
42
50
54 27
Australia
Taiwan
South Korea
Japan
58
71
Colombia
38
55
Mexico
48
57
Chile
34
49
Brazil
34
54
Sweden
33
55
Belgium
Singapore
Hong Kong
Switzerland
32
48
Germany
23
45
Italy
39
46
Spain
46
39
France
31
47
UK
56
50
US
52
China
Global United States
International investing (Continued) Countries representing best investing opportunities over next 12 months (%) (Base: invests internationally or would consider doing so)
Europe (Excluding UK)
35
23
21
29
31
18
49
51
24
38
20
20
22
22
24
21
22
21
42
25
Brazil
25
23
31
39
29
35
28
27
36
19
51
26
27
37
12
22
36
13
24
27
12
India
22
22
37
28
19
38
21
24
33
34
24
25
16
13
26
28
42
24
17
35
42
Japan
21
29
25
19
36
19
27
19
24
24
27
37
41
42
34
29
55
32
15
10
30
United Kingdom
19
16
42
19
19
16
14
14
14
9
19
16
23
21
19
18
8
8
21
10
15
Russia
19
7
16
17
20
33
18
23
21
25
3
6
10
7
16
7
13
10
23
22
10
Latin America (Excluding Mexico)
12
20
12
17
18
18
17
17
12
15
14
18
18
35
19
10
12
20
9
20
5
Investment opportunities by asset class: United States (%) (Base: selected country as opportunity) Good opportunities in bonds only
15
3
10
11
6
16
10
6
12
2
6
8
18
7
19
8
15
18
17
15
7
Good opportunities in stocks only
37
30
50
35
44
23
52
55
45
43
25
35
20
23
47
50
40
31
39
35
30
Good opportunities in both bonds and stocks
43
55
27
50
46
60
29
35
34
50
63
50
62
68
32
36
34
45
40
47
54
Neither
5
12
13
4
4
**
9
5
9
4
6
6
1
2
1
6
11
6
3
4
9
Investment opportunities by asset class: United Kingdom (%) (Base: selected country as opportunity) Good opportunities in bonds only
21
12
11
8
13
19
20
19
20
15
10
19
11
9
**
11
31
13
23
5
5
Good opportunities in stocks only
27
26
42
30
33
20
38
44
25
36
12
23
19
31
57
31
52
30
27
34
39
Good opportunities in both bonds and stocks
51
56
43
57
48
60
30
30
28
42
78
58
65
57
41
36
6
37
50
53
46
Neither
2
7
3
5
6
2
13
7
27
6
**
**
5
3
3
22
11
20
**
8
9
Investment opportunities by asset class: Europe (ex-UK) (%) (Base: selected country as opportunity) Good opportunities in bonds only
21
4
8
13
11
13
7
5
12
4
11
14
22
5
9
2
14
10
25
7
9
Good opportunities in stocks only
26
41
45
25
33
30
31
35
29
35
14
23
21
24
31
46
36
28
24
30
25
Good opportunities in both bonds and stocks
48
45
35
52
56
51
54
52
46
52
72
55
58
68
52
45
28
52
49
55
45
Neither
5
10
12
10
**
6
9
9
13
10
3
8
**
3
9
6
21
9
3
8
21
11
14
4
6
9
16
10
7
8
8
4
14
12
16
2
Investment opportunities by asset class: Japan (%) (Base: selected country as opportunity) Good opportunities in bonds only
9
4
8
3
7
14
Good opportunities in stocks only
36
37
40
27
43
17
41
43
26
28
30
31
23
26
53
34
45
41
34
66
32
Good opportunities in both bonds and stocks
48
48
41
58
46
67
45
27
53
52
56
49
64
66
36
44
41
38
50
13
55
Neither
7
11
11
12
3
1
4
16
17
14
5
4
3
1
3
15
10
8
4
4
10
Investment opportunities by asset class: Brazil (%) (Base: selected country as opportunity) Good opportunities in bonds only
20
2
11
15
17
13
15
18
15
5
17
13
24
10
13
11
24
35
25
26
18
Good opportunities in stocks only
28
39
35
42
29
18
28
35
32
57
17
35
22
30
36
34
35
31
25
23
47
Good opportunities in both bonds and stocks
49
46
43
36
53
63
49
42
46
29
61
52
52
59
38
50
32
33
51
43
20
Neither
4
13
10
7
1
6
8
6
8
9
5
**
2
2
12
5
10
-
-
8
15
Investment opportunities by asset class: Russia (%) (Base: selected country as opportunity) Good opportunities in bonds only
13
20
9
10
11
27
16
24
10
1
**
**
7
19
6
14
17
32
11
14
10
Good opportunities in stocks only
19
23
34
50
36
16
20
29
23
54
31
30
43
45
37
59
46
11
15
29
20
Good opportunities in both bonds and stocks
66
53
35
37
51
52
47
40
52
40
50
70
50
37
54
28
26
45
74
48
51
Neither
2
3
22
4
2
4
16
7
15
5
19
**
**
**
4
**
10
11
**
9
19
Investment opportunities by asset class: India (%) (Base: selected country as opportunity) Good opportunities in bonds only
14
2
13
10
12
19
14
17
5
1
21
11
20
9
17
10
18
7
17
13
13
Good opportunities in stocks only
31
47
34
45
37
20
17
24
28
47
7
46
55
18
24
38
22
31
31
29
43
Good opportunities in both bonds and stocks
50
40
48
43
49
55
53
44
60
50
66
36
20
73
55
35
43
46
52
59
36
Neither
5
11
5
2
2
6
17
15
7
2
5
7
4
**
4
16
17
15
-
-
8
13
8
1
12
12
16
9
8
4
24
14
18
16
-
Investment opportunities by asset class: China (%) (Base: selected country as opportunity) Good opportunities in bonds only
14
4
6
5
Good opportunities in stocks only
24
42
34
48
35
17
38
31
29
47
19
31
26
24
40
46
38
41
17
41
37
Good opportunities in both bonds and stocks
57
41
47
41
55
60
40
47
50
45
66
51
53
63
51
41
24
38
63
42
51
Neither
4
12
14
6
1
4
13
10
13
7
4
6
5
4
1
10
15
8
2
1
12
** Insufficient sample size 18
9
18
10
Australia
South Korea
Singapore
Hong Kong
Colombia
2
15
13
29
5
17
**
16
14
10
15
**
25
51
14
39
14
29
33
46
37
25
40
49
**
Good opportunities in both bonds and stocks
41
46
33
42
58
55
47
51
34
43
63
44
58
65
42
52
25
57
43
32
84
Neither
9
10
7
12
3
6
4
8
19
4
8
3
-
2
8
2
21
4
7
4
16
China
22
36
Taiwan
6
40
Japan
Mexico
9
23
Brazil
Chile
Sweden
Belgium
Switzerland
Germany
16
34
Italy
6
38
Spain
8
53
France
7
41
UK
3
43
US
8
Good opportunities in stocks only
Global Good opportunities in bonds only
International investing (Continued) Investment opportunities by asset class: Latin American (ex-Mexico) (%) (Base: selected region as opportunity)
Shifted investment assets from emerging markets to developed markets in past rear (%) (Base: Europe/Asia investors only) Yes
33
**
9
15
15
22
10
9
13
24
**
**
**
**
52
27
21
36
39
28
**
No
67
**
91
85
85
78
91
91
87
76
**
**
**
**
48
73
79
64
61
72
**
Reasons for shifting assets (%) (Base: shifted assets to developed markets) Seek a higher return
33
**
27
20
39
19
37
25
36
42
**
**
**
**
37
28
33
15
31
19
**
Better diversify portfolio
32
**
29
53
35
41
26
36
45
23
**
**
**
**
20
29
16
23
14
25
**
Improving economic conditions in developed countries
20
**
29
15
16
16
29
17
12
17
**
**
**
**
20
28
22
44
21
25
**
Seek greater income
16
**
15
12
10
24
8
18
8
15
**
**
**
**
23
15
30
17
35
30
**
Other
**
**
**
**
**
**
**
3
**
3
**
**
**
**
**
**
**
1
**
**
**
Income investing Priority of income generating investments (%) Extremely important
22
16
20
9
31
29
7
6
11
7
36
33
40
51
12
24
17
8
25
10
26
Important
49
41
34
42
50
45
41
36
42
43
49
42
43
37
66
51
30
34
54
58
38
Somewhat important
23
33
29
30
17
23
33
45
36
39
12
21
14
11
21
22
33
41
19
28
26
Not important
6
10
18
19
1
4
18
13
11
12
3
4
3
-
1
3
20
17
2
4
10
Asset classes used to meet income needs (%) Guaranteed income products
56
39
38
46
58
61
55
54
60
53
53
51
50
48
40
49
37
45
61
37
40
Equity income funds
45
45
33
27
24
17
28
26
46
27
25
19
18
13
36
38
16
51
50
51
30
Income producing real estate
36
14
27
46
46
34
42
35
35
32
58
69
63
76
36
34
24
23
40
38
42
High yield bonds
34
24
20
13
22
40
5
8
24
21
12
13
30
31
31
24
19
29
40
23
10
Investment grade bonds
24
26
20
16
12
26
11
16
27
17
13
7
11
15
38
19
32
24
24
18
14
Specialized investment vehicles
22
18
8
22
7
12
9
6
10
9
14
6
20
23
25
41
28
8
24
19
5
None of the above
12
33
27
14
8
7
35
34
21
41
9
21
12
6
5
7
41
11
3
6
30
Satisfaction with income producing investments (%) Very satisfied
9
21
22
6
20
6
14
9
3
9
21
12
14
20
10
5
5
6
7
1
15
Somewhat satisfied
59
68
63
66
61
61
64
71
61
61
52
56
62
64
67
64
44
51
60
54
63
Somewhat dissatisfied
28
9
14
23
18
28
19
16
26
27
20
23
20
13
21
27
38
40
31
38
17
Very dissatisfied
4
3
1
5
2
5
3
4
10
2
7
9
4
3
2
4
14
4
2
7
5
6
6.9 8.7 9.3 10.4 10.5 11
% return sought on income producing investments Global average
9.5 8.3 6.6
6.1
8.4 5.9 6.8
6.2 6.4
5.1
4.5 5.5 4.4 5.2 3.9
1.5
1.6
2.9
1.5
8.3 8.5
7.3
9.1 10.4 9.5 9.2
% return earned on income-producing investments Global average
4
6
5.4 5.2 5.8 6.2
6
5.4 4.2 5.5 6.7 5.4 6.2
Income expectations gap (percentage point difference) 3.3
1.9
1.6
2.1
2.9 2.7 3.9 5.2 4.7 4.8 2.3
65
68
59
70
61
66
52
65
61
62
35
33
41
30
39
34
48
35
39
38
3.1
3.1
3.6 3.7
4.1
3
Male
59
53
67
66
68
Female
41
47
33
34
32
57
74
76
56
64
58
43
26
24
44
36
Average age
49 56.3 55.8 55.4 50.6 52.5 53 53.6 58.6 55.8 51.2 51.8 49.7 50.2 46.6 48.7 52.9 50 45.7 49.1 52.6
42
Respondent profile Gender (%)
Total investable assets $USD (000) $200K-999K NET
71
81
85
75
83
76
75
69
71
78
37
40
54
52
54
79
70
76
59
64
76
$1M+ NET
29
19
15
25
17
24
25
31
29
22
63
60
46
48
46
21
30
24
41
36
24
Average Total Investable Assets ($USD)
1889 981 984 1786 1116 1689 1957 2168 2157 1611 4378 3082 3569 3676 2868 1186 2667 1410 2466 2102 1153
Average Annual HHI $USD (000)
543 214 185 339 285 230 574 265 377 299 1577 1258 1088 1031 1189 337 499 331 731 552 247
Responsibility for financial matters (%) Sole decision-maker
69
54
67
65
67
65
62
56
56
58
53
52
64
48
83
73
71
59
76
67
56
Shared responsibility in household/family
31
46
33
35
33
35
38
44
44
42
47
48
36
52
17
27
29
41
24
33
44
** Insufficient sample size 19
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