A Closer Look at the Wealthy: Phoenix/Harris Interactive-R- Unveils Six Distinct Segments.

Business Editors

HARTFORD, Conn.--(BUSINESS WIRE)--July 1, 2003

When you think about the wealthy, a certain picture undoubtedly comes to mind. Perhaps you see someone at the top of their game, highly confident and driven, who considers money a source of challenge, fun and happiness. If so, you've possibly identified just 11 percent of the wealthy population. What about the other 89 percent?

For the last four years, The Phoenix Companies, Inc. (NYSE:PNX) has commissioned a national survey with Harris Interactive(R) to better understand the wealthy and their financial needs. This year, Phoenix went a step further to define the market: The 2003 Phoenix/Harris Interactive Wealth Survey uncovered six distinct segments within the population.

"Phoenix is an expert in this market, and through our survey, we have further confirmed the wealthy are a sophisticated and multi-faceted demographic. Our segmentation analysis gives us a clearer and deeper understanding of the many differences and similarities within this group," said Walter H. Zultowski, Ph.D., senior vice president, Marketing and Market Research of The Phoenix Companies, Inc.

The Six Segments include:

-- The Deal Masters (11%) are the youngest and wealthiest

segment. Their net worth went down the least (23%) over the

past three years. Members of this group are confident and

optimistic and enjoy the challenge of making more money.

They've achieved their success through working hard, being

persistent, taking risks and relying on their own financial

know-how. For the Deal Masters, success - whether it's making

more money or finding a great bargain - is a challenge.

-- The Altruistic Achievers (17%) are also driven to succeed but

with aspirations to be charitable with their wealth. This

segment lost the most in net worth (33%) over the past three

years, and is most open to working with a financial advisor.

Though successful in work and family, unlike the Deal Masters,

they lack the time, interest and know-how to manage their

finances. To the Altruistic Achievers, wealth not only means

security, freedom and choice, but a means to give to those

less fortunate.

-- The Secret Succeeders (17%) have achieved their wealth

somewhat unexpectedly and, as a result, are ill at ease with

their success. This segment tries to hide their wealth for

fear they may lose it, but at the same time expects superior

treatment due to perceived status. Financial control for the

Secret Succeeders is key, as they don't want to take the

chance of parting with their money.

-- The Status Chasers (18%) want it all, but have not been able

to achieve their major financial goals as of yet. Members of

this segment became millionaires most recently and define

wealthy at a level three times their current net worth. The

Status Chasers are continually striving to gain more, yet are

also most pessimistic about their own financial future and the

nation's, feeling their finances are to a great extent beyond

their control.

-- The Satisfied Savers (24%) are the oldest and largest segment.

This group is largely happy and fulfilled. The Satisfied

Savers have built fortunes through hard work, persistence and

living below their means. They enjoy the security of their

wealth, but like the Altruistic Achievers, are charitably

inclined. While the Satisfied Savers are for the most part

financially savvy and confident - almost to the degree of the

Deal Masters - they feel there is more to life than money.

-- The Disengaged Inheritors (13%) have received and built their

wealth largely through inheritance, as well as perseverance 

and living below their means. This second wealthiest and

second oldest segment acts as though it feels its wealth is

deserved rather than earned. While they are least clear on

what their wealth provides them, they certainly do not want to

give it up and likely feel it is one of the only aspects of

life they can count on. Unlike many of their peers, the

Disengaged Inheritors generally lack goals and the drive to

succeed.

"This type of in-depth segmentation proves you cannot generalize about the wealthy population," said Gordon Black, chairman and CEO of Harris Interactive. "We know they differ in how they attained their wealth, how they live with wealth and how they plan to ensure future wealth," said Black.

Methodology

The annual Phoenix/Harris Interactive Wealth Survey consisted of 1,496 interviews conducted online by Harris Interactive between March 25 and April 9, 2003 with U.S. adults ages 18 years and over who were financial decision makers for households with a net worth of $1 million or more, minus any debt and excluding primary residence. The data are representative of the total population meeting the criterion measured for this survey. "Propensity score" weighting was also used to adjust for respondents' propensity to be online. In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of +/-3 percentage points of what they would be if the entire affluent adult population had been polled with complete accuracy. This online survey is not a probability sample.

About The Phoenix Companies, Inc.

The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating back to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company offers trust services through Phoenix National Trust Company and private placement insurance products through Philadelphia Financial Group, both subsidiaries. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.PhoenixWealthManagement.com.

About Harris Interactive(R)

Harris Interactive(R) (www.harrisinteractive.com) is a worldwide market research and consulting firm best known for The Harris Poll (R)and for pioneering the Internet method to conduct scientifically accurate market research. Headquartered in Rochester, New York, U.S.A., Harris Interactive combines proprietary methodologies and technology with expertise in predictive, custom, and strategic research. The Company conducts international research through wholly owned subsidiaries - London-based HI Europe (www.hieurope.com) and Tokyo-based Harris Interactive Japan - as well as through the Harris Interactive Global Network of local market- and opinion-research firms, and various U.S. offices.

For further information about the 2003 Phoenix/Harris Interactive Wealth Survey, please visit www.PhoenixWealthManagement.com. Link to information via the survey icon.