Survey shows traits of rich as investors recoup, protect.

The wealthy want to construct a strategy to recoup their bear-market losses and protect their retirements, but they will go about that task in different ways, according to the 2003 Phoenix/Harris Interactive Wealth Survey.

The survey, consisting of 1,496 online interviews of individuals with a net worth of at least $1 million excluding primary residence, identified six segments of investors with different views about their wealth.

"This segmentation provides an excellent resource for the financial community to understand that the ways wealthy clients take action to meet their pressing financial needs depend greatly on how they made their money, what it means to them and their personal appetite for professional advice," said Jack Sharry, senior vice president, Phoenix Cos.

Two segments, the "Deal Masters" and "Satisfied Savers," lost the least, some 23%, during the bear market. Both rated high in financial savviness. The former is entrepreneurial, spends freely, works hard and is the youngest and wealthiest segment, averaging $3.5 million in net worth. The latter is the oldest segment, has built wealth through hard work in professional occupations, invests conservatively and lives below its means.

While Deal Masters are the most driven to earn more through their occupations and investments, the Satisfied Savers are the least concerned about money and tend to be happy with what they have.

Losing the most--about 33%--were the "Altruistic Achievers," who own the most financial products, don't invest the time to manage their finances and rely heavily on others to help them. They are highly stressed about their financial futures and are highly motivated to earn more money. They are most likely to share wealth with the less fortunate, and their ranks include the most women among the segments.

The "Disengaged Inheritors" lost 25% of assets. They are the least employed, least charitable and the least financially knowledgeable. They own the fewest financial products, lack the goals and drive to succeed, and believe their wealth is deserved rather than earned. The "Secret Succeeders" lost 27% of assets and are not very savvy, but they work hard, consider themselves street smart, take some risks and mostly play defense. The survey labeled them "paranoid" about losing their wealth.

The "Status Chasers" lost 31% of assets. The segment had the lowest net worth, relatively little financial knowledge, and lack goals or formal plans. However, this group believes it needs three times its current net worth to become wealthy.

Traits of the Wealthy

The two segments that depend the most on financial advisers lost the
most in the bear market.

($ Millions)

                                  Deal       Altruistic       Secret
                               Masters         Achivers   Succeeders

                              Plan and         Plan and           Be
                                  know         delegate       street
Financial Savviness         your stuff   responsibility        smart

Net Worth                         $3.5             %2.6         $2.4
% Loss in Bear Market              23%              33%          27%

                                Status        Satisfied   Disengaged
                               Chasers           Savers   Inheritors

                              Delegate        Know your   Avoid rash
Financial Savviness     responsibility            stuff       action

Net Worth                         $2.0             $2.4         $2.6
% Loss in Bear Market              31%              23%          25%

Source: The 2003 Phoenix/Harris Interactive Wealth Survey,
Phoenix Wealth Management