ID Theft Top Three Concern for Affluent Households
RHINEBECK, N.Y. - A new survey finds that identity theft ranks just behind retirement planning and protecting current levels of wealth as a major concern for affluent households. In addition, according to new research by the Phoenix Affluent Marketing Service, affluent households have the following identity theft remedy expectations of their financial institutions and financial advisors: immediate cancellation of accounts upon notification that account has been breached (86%); stricter guidelines on opening new card accounts (79%); help in assessing their risk level for becoming a victim of identity theft (67%); proactive education on identity theft risks (62%); and offering additional ID theft protection (20%). "Financial advisors and financial services firms should take note of these unique requirements, particularly the opportunity to educate their clients about risk assessment and provide more protection to quell these heightened concerns," said Phoenix Marketing International Vice President Affluent Practice David Thompson. Affluent households were defined as those with $250k+ investable assets and/or $150k-plus income.