"While the overall survey results show a clear improvement in year over year sentiment, the numbers also paint a picture of cautious optimism," said Thomas P. Melcher, executive vice president and managing executive of Hawthorn, PNC Wealth Management's family office unit. "The economic crisis clearly had a lasting impact on their financial perspective and taught lessons that can be applied in the future."The Wealth and Values Survey by PNC, which is among the nation's top 10 bank-owned wealth management firms, also revealed insights about the following issues:
- Where the money goes: Three industry sectors continue to be perceived by affluent investors as offering the greatest opportunities for gain over the coming year: technology was chosen by 56 percent, followed by healthcare and energy/utilities rank with 46 percent. Socially responsible or green investing continue to slide in appeal to affluent investors, with just 10 percent naming this as a promising sector compared to 26 percent who viewed it as promising in 2010.
- The new normal: Five years after the onset of the financial crisis, high net worth investors report a number of lasting changes in the way they think about money. Nearly nine of 10 (88 percent) believe that it is "more important than ever to live within my means"; three-quarters (76 percent) say that they have developed greater appreciation for the non-material wealth in their lives. There is a sense of permanency about some of these changes as more than half agree with the statement "this is the new normal, this is how the future is going to be."