The document provides information from a study of small and medium sized business owners in the United States. It finds that 19% of business owners, with over $1 million in personal investments, control 52% of the total $1.6 trillion in personal investments from SMB owners. The wealthiest SMB owners are more optimistic about their financial futures, less inclined to retire, more reliant on financial advisors, and more satisfied with their advisors. Common investments among affluent SMB owners include real estate, savings accounts, stocks, mutual funds and life insurance.

1. 1

2. Representative of Middle
Market nationwide
Nationally Representative
Study
2016 Insights Method2016 RESEARCH METHOD
2
 1,740 INTERVIEWS
 BUSINESSES WITH 1-999
EMPLOYEES
 OWNERS, C-SUITE, KEY
DECISION MAKERS
 PHONE  INTERNET INTERVIEWS
 FIELDED THROUGH JANUARY ‘16

3. 3
EXECUTIVE SUMMARY
1. Even though there has been recent stock market volatility, economic indicators continue to be solid, and
SMB owners’ investment portfolios are holding steady.
2. SMB owners with 5-499 employees account for $1.6 trillion in personal investment dollars, a level
comparable to the GDP’s of Canada ($1.57T) and Brazil ($1.8T).
3. The wealthiest SMBs, with $1 million or more in personal investments, account for 19% of business
owners, and control more than half (52%) of all SMB investment dollars.
4. Persona: Self-made, wealthy, highly educated men in their late 50’s. All run successful businesses that
generate the bulk of sales locally.
5. The wealthier SMB owners are ….
… the greater their optimism about their financial futures.
… the less inclined they are to retire (‘ever’).
… the more reliant they are on seeking professional financial help.
… the more satisfied they are with their financial planner.
6. Leading financial advisors include independent financial planners, full service brokerage companies, and
wealth management firms.
7. Wealthy SMBs are invested in traditional, conservative vehicles, such as real estate, savings accounts,
stocks, mutual funds, life insurance, 401(k)s.
8. Awareness, trial and usage across investment brands varies dramatically, and is influenced by SMB
owners’ degree of wealth.

4. 4
Economic Indicators &
SMB Affluence

5. Sources: U.S. GDP -- Bureau of Economic Analysis, National Economic accounts: chart on %change from proceeding years based on chained 2009
dollars (www.BEA.gov/national/index.htm; U.S. Budget Deficit -- www.usgovernmentspending.com
$236
$127
-$158
-$374 -$413
-$318
-$248
-$161
-$458
-$1,413
-$1,294 -$1,300
-$1,087
-$608
-$466 -$439
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
U.S. BUDGET DEFICIT
(IN BILLIONS)
4.1%
1.0%
1.8%
2.8%
3.8%
3.4%
2.7%
1.8%
-0.3%
-2.8%
2.5%
1.8%
2.8%
2.2%
2.4%
2.4%
U.S. GDP ANNUAL CHANGE
THE GDP UP 2%; THE BUDGET DEFICIT
IS AT A SEVEN YEAR LOW
5

6. Source: U.S. Dept of Labor/Labor Force Statistics
4.0%
4.7%
5.8% 6.0% 5.5% 5.1% 4.6% 4.6%
5.8%
9.3% 9.6%
8.9%
8.1%
7.4%
6.2%
5.3% 4.9%
U.S. UNEMPLOYMENT RATE
THE UNEMPLOYMENT RATE IS BACK AT
PRE-RECESSION LEVELS
6

7. THE STOCK MARKET HAS RECENTLY
BEEN VOLATILE
7
Sources: Google Finance, Closing of the DJIA at the end of December for each year indicated
DOW JONES INDUSTRIAL AVERAGE:
ANNUAL YEAR END & RECENT CLOSINGS
10787
10022
8342
10454
10783 10717
12463
13265
8776
10428
11577
12217
13104
16577
18053
17425
15882
16620
5000
7000
9000
11000
13000
15000
17000
19000

8. MARKET VALUE OF PERSONAL
INVESTMENT PORTFOLIO
(AVERAGE IN THOUSANDS)
NONETHELESS, SMB OWNERS’
PERSONAL INVESTMENT VALUATIONS
REMAIN RELATIVELY UNCHANGED
8
“Which of the following best describes the total market value of your investment portfolio (excluding real estate, retirement accounts &
529/College savings plans)?” “Which of the following best describes your total net worth?”
$265.4
$217.7 $237.4
$350.8 $334.6
$413.2
$448.2 $460.3
2008 2009 2010 2011 2012 2013 2014 2015
$1.41
$1.27 $1.22 $1.27
$1.20
$1.40
$1.53 $1.52
2008 2009 2010 2011 2012 2013 2014 2015
TOTAL NET WORTH
(AVERAGE IN MILLIONS)
Actual
Year

9. 23% 23% 24% 22% 22% 20% 16%
52% 50% 46% 49%
41%
38% 41%
25% 27%
21% 21%
26%
28% 27%
9% 8% 11% 14% 16%
2009 2010 2011 2012 2013 2014 2015
$1M or More
$250K-$999K
Under $250K
No Answer
SMBs HAVE SUBSTANTIAL WEALTH;
43% HAVE INVESTMENTS VALUED AT
$250K+
9
DISTRIBUTION OF SMB PERSONAL
INVESTMENT PORTFOLIO VALUATIONS
NOTE: $1M+ portfolio size not broken out for 2009 and 2010
“Which of the following best describes the total market value of your investment portfolio (excluding real estate, retirement accounts & 529/college
savings plans)?”
Market Value of
Portfolio:
Actual Year
43%

10. TOTAL INVESTMENT VALUATIONS
Total SMB
Owners
Less than $250K
Portfolio
Affluent
($250K-$999K
Portfolios)
Super Affluents
($1M or More
Portfolios)
# of Businesses 3.44 Million 1.72 Million 1.07 Million 652,828
% of 5-499 Businesses* 100% 50% 31% 19%
Investment Portfolio Size $460.3K $94.3K $545.3K $1.25MM
TOTAL INVESTMENTS** $1.6 Trillion $162 Billion $581 Billion $816 Billion
SMBs REPRESENT $1.6 TRILLION
OVERALL IN PERSONAL INVESTMENTS
10
“Which of the following best describes the total value of your investment portfolio (excluding real estate, retirement account investments & 529
plans/college savings plans?”
*Re-percentaged to eliminate ‘no answers;’ **Number of businesses X average investment portfolio size

11. INVESTING POWER OF AFFLUENT SMB OWNERS
50%
31%
19%
10%
38%
52%
Less than $250K $250K-$999K $1M or More
% of SMB Owners* % of Total Investments
THE SUPER AFFLUENT ($1M+) CONTROL
OVER HALF OF ALL SMB PERSONAL
INVESTMENTS
11
“Which of the following best describes the total value of your investment portfolio (excluding real estate, retirement account investments & 529
plans/college savings plans)?”
*Re-percentaged to eliminate ‘no answers’
SIZE OF PERSONAL
INVESTMENT
PORTFOLIO

12. THE WEALTHIEST SMBs PLAN TO
INVEST TWICE THE AMOUNT OF OTHER
AFFLUENTS
12
$20.1
$47.1
$100.5
Under $250K $250K-$999K $1M+
“Approximately how much do you personally plan to invest in the next 12 months?”
AMOUNT PLAN TO INVEST IN THE UPCOMING YEAR
(IN THOUSANDS)
SIZE OF PERSONAL
INVESTMENT
PORTFOLIO

13. 13
Profiles of Affluent and
Super Affluent Investors

14. AFFLUENT SMB OWNERS ARE WELL-
EDUCATED, WEALTHY MEN IN THEIR
LATE 50’S
14
<$250K
Portfolios
Affluent
$250K-$999K
Super Affluent
$1M or More
Men 61% 76% 79%
Age (average) 49.1 55.1 58.5
Household Income (average) $134K $185K $338K
Average Net Worth $791K $1.55M $3.49M
College grad or higher 63 72 82
Married 72 77 83
Children <18 living at home 37 26 17
A/B Counties 78 78 83
Northeast 19 20 18
South 35 35 31
Midwest 23 22 22
West 23 23 29
Republicans 45 46 51
Independents 21 21 17
Democrats 25 28 27

15. AFFLUENT SMBs RUN SUCCESSFUL
COMPANIES WITH HIGH SALES
GROWTH; LOCAL SALES PRE-DOMINATE
15
<$250K
Portfolios
Affluent
$250K-$999K
Super Affluent
$1M or More
Sales (average) $3.4M $9.3M $21.3M
Fast growing (11%+ growth) 33% 40% 40%
# of Employees (average) 18 27 39
Years in operation (average) 26.8 28.5 32.1
Generate sales locally 93% 92% 89%
Generate sales nationally 60 63 69
Generate sales internationally 25 24 30
White Collar 64 69 63
Women-Owned 35 26 27
Minority-Owned 13 10 10
Business Travel 1+X/Month 29 34 39
Hours work per week (average) 49.6 49.5 52.8
FIRMOGRAPHICS

16. THE GREATER SMBs’ WEALTH, THE
MORE OPTIMISTIC THEY ARE ABOUT
THEIR FINANCIAL FUTURES
16
“How much do you agree/disagree with the following statements about your personal finances and investments?”
ATTITUDES ABOUT INVESTING
94%
93%
81%
81%
66%
74%
I feel confident that I will be able to maintain
my current lifestyle throughout my retirement
I am optimistic about my financial future
Under $250K $250-$999 $1M+
SIZE OF PERSONAL
INVESTMENT PORTFOLIO
% Agree
Completely/Mostly

17. FOR SMBs, HAVING A LARGE NEST EGG
DOES NOT NECESSARILY TRANSLATE TO
TAKING EARLY RETIREMENT
17
33%
30%
28%
14% 13%
7%
42%
47%
45%
11% 10%
20%
Under $250K $250K-$999K $1M+
Before 65 At 65 66 or Older Never
PLANNED RETIREMENT AGE
SIZE OF PERSONAL
INVESTMENT
PORTFOLIO
65%
Will retire
after age 65 or
never

18. MOST ACQUIRED THEIR WEALTH VIA
THEIR OWN HARD WORK
18
73%
65% 63%
19%
28% 30%
8% 7% 7%
Under $250K $250K-$999K $1M+
Money Earned By Working Via Investments Inheritance
SHARE OF HOW WEALTH WAS ACCUMULATED
SIZE OF PERSONAL
INVESTMENT
PORTFOLIO

19. 19
Wealth Management &
Investment Choices

20. WEALTHY SMBs HAVE POSITIVE
IMPRESSIONS OF THE BANKING &
FINANCIAL SERVICES INDUSTRIES
20
AFFLUENTS $250K+ PORTFOLIO
INDUSTRY OUTLOOK
% VERY/SOMEWHAT POSITIVE
“We would like to get your overall impressions of several major industries in the U.S. For each, please give your overall view of it.”
Actual
Year
41%
19%
29%
32% 31%
35%
49% 49%
37%
21% 22%
28%
25%
35%
40%
46%
2007 2008 2009 2010 2011 2012 2013 2015
Financial/Investment Services Banking
38%
42%
53%
55%
29%
33%
41%
49%
2011 2012 2013 2015
Financial/Investment Services Banking
SUPER AFFLUENTS $1M+ PORTFOLIO
INDUSTRY OUTLOOK
% VERY/SOMEWHAT POSITIVE

21. WEALTHIER SMBS ($1M+) ARE MORE
INCLINED TO USE FINANCIAL
PLANNERS
21
“How much do you agree/disagree with the following statements about your personal finances and investments?”
ATTITUDES ABOUT INVESTING
67%
43%
59%
53%
56%
62%
I use a financial planner to help me
manage my wealth
I don’t feel I know enough about investing
to manage my own portfolio
Under $250K $250-$999 $1M+SIZE OF PERSONAL
INVESTMENT PORTFOLIO
% Agree
Completely/Mostly

22. WEALTHY SMB INVESTORS RELY ON
FINANCIAL PLANNERS TO PLACE THE
MAJORITY OF THEIR TRADES
22
Financial
Planner or
Investment
Company
53%Personally via
online trading
28%
Other Means
19%
Financial
Planner or
Investment
Company
58%
Personally via
online trading
23%
Other Means
19%
AFFLUENT $250K-$999K PORTFOLIO SUPER AFFLUENT $1M+ PORTFOLIO
“What percentage of your personal investment portfolio consists of investments purchased for you by a financial planner of investment company? Purchased by you
via online trading? By other means?”
SHARE DISTRIBUTION OF HOW TRADES ARE MADE

23. POOR CUSTOMER SERVICE &
INVESTMENT PERFORMANCE ARE KEY
DRIVERS TO SWITCHING ADVISORS
23
TOP REASON TO CHANGE FINANCIAL PLANNERS/HIRE A NEW
COMPANY FOR FINANCIAL ADVICE
“To what extent might each of the following factors drive you to consider changing financial planners or to focus in more
closely on your personal financial planning?”
% Rating Critical
Factor/Contributes A Lot
11%
26%
34%
26%
28%
37%
29%
56%
69%
16%
28%
29%
29%
33%
39%
43%
54%
60%
Significant birthday or milestone
Receive advice from credible source (invest pub, analyst)
Current financial planner changes firms
Recommendation from a trusted friend or colleague
Volatility of the stock market
Higher federal, state and local taxes
Receipt of a monetary windfall (bonus, inheritance)
Poor portfolio performance
Inadequate customer service
$250K-$999K
$1M+
SIZE OF PERSONAL
INVESTMENT PORTFOLIO

24. 24
AFFLUENT SMB OWNERS
($250K-$999K)
Financial Providers &
Types of Investments

25. INDEPENDENT ADVISORS &
BROKERAGE FIRMS LEAD AS PRIMARY
INVESTMENT ADVISORS
25
PRIMARY INVESTMENT ADVISOR
(AMONG AFFLUENTS WITH $250K-$999K PORTFOLIOS)
“Which of the following financial providers for investments do you currently use?” “Which of these providers is your primary advisor for you personal
finances?”
32%
28% 27%
23% 23%
19% 18%
16%
13%14%
10%
20%
17%
11%
9% 8% 7% 8%
Currently Use Primary Provider

26. AFFLUENT SMB OWNERS ARE LESS
SATISFIED WITH THEIR ADVISORS THAN
THE WEALTHIEST SMBs
26
7% 6%
60%
39%
33%
55%
$250K-$999K $1M+
Extremely Satisfied
Somewhat Satisfied
Not Very/Not At All
SATISFACTION WITH PRIMARY INVESTMENT ADVISOR
(AMONG AFFLUENTS WITH $250K+ PORTFOLIOS)
“How satisfied are you with your primary financial advisor?”
SIZE OF PERSONAL
INVESTMENT PORTFOLIO

27. AFFLUENTS’ LEAD INVESTMENTS ARE
REAL ESTATE & SAVINGS ACCOUNTS
27
INVESTMENTS OWNED / PLAN TO INVEST IN
(AMONG AFFLUENTS WITH $250K-$999K PORTFOLIOS)
“Please click all of the following types of investments that you currently own.” “In the next year, what types of investments are you planning to invest in?”
67%
65%
62%
58%
52% 50%
44% 44%
21% 20% 20% 18% 17% 15% 15% 13% 11% 8% 7%
4%
21%
29%
39%
32%
11%
23%
17% 18%
8%
10%
6%
9%
6%
4%
10%
6% 8%
4% 3% 2%
Currently Own Plan to Invest in Next Year

28. 28
Financial Providers &
Types of Investments
SUPER AFFLUENTS
SMB OWNERS ($1M+)

29. EMPLOYEE PLANS, WEALTH
MANAGEMENT & BROKERAGE FIRMS
LEAD AS PRIMARY ADVISORS
29
“Which of the following financial providers for investments do you currently use?” “Which of these providers is your primary advisor for you personal
finances?”
PRIMARY INVESTMENT ADVISOR
(AMONG SUPER AFFLUENTS WITH $1M+ PORTFOLIOS)
39%
34%
30% 29%
27%
25%
22%
20%
18%
10%
23%
17%
5%
18%
8%
6%
10%
7%
Currently Use Primary Provider

30. THE WEALTHIEST SMB OWNERS ARE
HIGHLY SATISFIED WITH THEIR
PRIMARY ADVISORS
30
7% 6%
60%
39%
33%
55%
$250K-$999K $1M+
Extremely Satisfied
Somewhat Satisfied
Not Very/Not At All
SATISFACTION WITH PRIMARY INVESTMENT ADVISOR
(AMONG AFFLUENTS WITH $250K+ PORTFOLIOS)
“How satisfied are you with your primary financial advisor?”
SIZE OF PERSONAL
INVESTMENT PORTFOLIO

31. STOCKS & REAL ESTATE ARE LEAD
INVESTMENTS
31
“Please click all of the following types of investments that you currently own.” “In the next year,
what types of investments are you planning to invest in?”
INVESTMENTS OWNED / PLAN TO INVEST IN
(AMONG SUPER AFFLUENT WITH $1M+ PORTFOLIOS)
73% 71%
68%
64%
58%
54% 53%
37% 36%
31% 30%
26% 25% 25%
21% 20% 20%
14%
11% 11%
49%
22%
27%
41%
11%
25%
22%
13%
15%
11%
10% 8% 7%
13% 11%
9%
5% 7% 5%
3%
Currently Own Plan to Invest in Next Year

32. 32
Investment Brand
Awareness and Usage

33. 103
113
107
121
106
98
105 106
112
107
116 115
110 111
124
104
107
111
101
113
108 108 106
139
141 142
120
125
135
133
116
120
128
110
112
125
106
112 113
109
113
123
116
103
114 113
14% 15%
20% 20% 22%
22% 23%
25% 25% 27%
32%
37% 38% 39% 41% 42% 45%
50% 50% 53% 55% 56% 57%
-70%
-50%
-30%
-10%
10%
30%
50%
70%
80
100
120
140
160
$250K-$999K (Index v. Total SMBs) $1M+ (Index v. Total SMBS) Familiarity Total SMBs
WEALTHIER SMB OWNERS HAVE
HEIGHTENED AWARENESS OF FINANCIAL
INVESTMENT BRANDS
33
FAMILIARY OF FINANCIAL/INVESTMENT BRANDS
(AFFLUENTS & SUPER AFFLUENTS INDEXED VERSUS TOTAL SMB OWNERS)

34. 132
125 128
110
118
106
124
112
105
127
112
119
134
124 123
111
123
150
121
126 124
129
110
121
127 133
138
103
127
149
123
158
146 143
162
134 145
139
158
119
126 124
137
155
166
123
8%
9% 9%
22%
20%
17%
29%
9%
11%
8%
23%
15%
12%
9%
13%
10%
12% 12%
19% 19%
7%
10%
18%
0%
10%
20%
30%
40%
50%
60%
0
20
40
60
80
100
120
140
160
180
200
$250K-$999K (Index v. Total SMBs) $1M+ (Index v. Total SMBS) Ever Used Among Total SMBs
MOST INVESTMENT COMPANIES HAVE
EXPERIENCED HIGHER TRIAL AMONG
WEALTHIER SMB OWNERS
34
EVER USAGE OF FINANCIAL/INVESTMENT BRANDS
(AFFLUENTS & SUPER AFFLUENTS INDEXED VERSUS TOTAL SMB OWNERS)

35. 158
135
149
110
117
112
131
103
91
132
107
112
126 130
164
117
127
153
114
133
126
158
115
76
71
129
138
111 110
146
71
104
85
147
196
103
154
101
152
80
102
116 113
168
193
97
1%
4% 3%
11%
9%
9%
17%
3% 3%
2%
10%
6% 5%
2%
5% 3%
5% 4%
10% 11%
2%
4%
9%
0%
10%
20%
30%
40%
50%
60%
0
20
40
60
80
100
120
140
160
180
200
$250K-$999K (Index v. Total SMBs) $1M+ (Index v. Total SMBS) Past Year Usage Total SMBs
WEALTHY SMB OWNERS ARE USING A
HOST OF DIFFERENT INVESTMENT
FIRMS
35
PAST YEAR USAGE OF FINANCIAL/INVESTMENT BRANDS
(AFFLUENTS & SUPER AFFLUENTS INDEXED VERSUS TOTAL SMB OWNERS)

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