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Article: Asian Americans seek fee-only indie advisers; Cultural differences present challenges, survey finds.(News)
- Article from:
- Investment News
- Article date:
- August 23, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Brooke Southall
SAN FRANCISCO - The Asian appetite for financial advice is hotter than ever.
Asian wealth in the United States has exploded since 2000. Most affluent Asian American households (72%) use advisers, according to a new survey by Greenwich, Conn.-based TNS Financial Services. However, they are interested in doing business almost exclusively with independent fee-only financial advisers.
Asian Americans spent $344 billion in 2003, up 28% from the amount in 2000. Spending by whites rose only 14% during that time, according to TNS, a division of Taylor Nelson Sofres PLC of London, one of the world's largest market information ...