Targeting the Millionaires Near You by ert554898

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									VOLUME FOUR


Targeting the                                                                                        SM




Millionaires Near You
Summary of Findings                                                      Inside
America’s millionaires—households with investable                        Overview: Millionaires
                                                                                                              3
assets of at least $1 million, excluding workplace retirement            by Geography
                                                                         How Millionaires Differ
accounts and any real estate—are not all the same across the                                                  8
                                                                         by Metropolitan Area
U.S., according to the Fidelity Millionaire OutlookSM survey.            Detailed Profiles:
For example, a millionaire’s rationale for first hiring an advisor       New York                              9
is just one of many regional distinctions among these                    Chicago                              10
                                                                         Los Angeles                          11
wealthy investors. While millionaires in New York, Chicago,
                                                                         Dallas                               12
and Atlanta most commonly establish their first advisor
                                                                         Washington, D.C.                     13
relationship based on a trusted recommendation from a                    San Francisco                        14
friend or colleague, those in Los Angeles and Boston reach               Atlanta                              15

out to advisors based on reaching a certain wealth level.                Miami                                16
                                                                         Boston                               17
                                                                         Phoenix                              18
This report offers insights into where millionaires live and how
they differ from each other in different parts of the country. A         Further Considerations
                                                                         to Help You Strengthen               19
close look at millionaires—by region, metropolitan area, and             Client Relationships
zip code—reveals surprising differences among them. By
gaining a deeper understanding of millionaires in their own          Business-Building Insight from
area, financial advisors can help address their clients’ needs       Fidelity Investments
and proactively provide the services and products they seek.         As the fourth in the Fidelity Millionaire
                                                                     Outlook series, this report examines
                                                                     where millionaires live and how they
                                                                     are distinguished from each other in
                                                                     different parts of the country, insight
                                                                     that will help you:

                                                                     I   Learn more about millionaires—
                                                                         where they live, who they are,
                                                                         and what they do
                                                                     I   Understand how their investment
                                                                         concerns vary geographically
                                                                     I   Take action by targeting the
                                                                         millionaires in a particular area.
    Why Geography Matters

    Shared levels of wealth aside, millionaires are a diverse                   The findings in this report are based on two surveys of
    group. They differ in how they acquired their money,                        U.S. millionaire households. The surveys, which did not
    what they do with it, and what role they want to play in                    identify Fidelity as the sponsor, were conducted online
    managing it. These differences are based on personal,                       by Burke, Inc., an independent firm, unaffiliated with
    social, and cultural factors—all of which can vary by                       Fidelity, that has been conducting research since 1931.
    geography. This report showcases the geographic                             The most recent survey was conducted in January 2008,
    areas where U.S. millionaires are concentrated and                          with completed responses from 1,000 financial decision-
    profiles these millionaires by the areas in which they                       makers in U.S. millionaire households. The margin of
    live. These insights can help advisors identify areas to                    error for that survey was +/– 3%. The previous survey was
    focus on and can guide them in understanding how to                         conducted in December 2006, with completed responses
    approach millionaires in those areas.                                       from 2,507 financial decision-makers within U.S. millionaire
                                                                                households. The margin of error for that survey was +/– 2%.
    About the Fidelity Millionaire
    OutlookSM Survey

    Fidelity Investments (Fidelity) conducts regular surveys                    About Millionaires
    of U.S. households with investable assets of at least                       More millionaires use Fidelity than any other financial
    $1 million, excluding workplace retirement accounts                         provider in the U.S.
    and any real estate holdings. The research analyzes                         The Fidelity Millionaire OutlookSM survey reveals that, of
    millionaires’ attitudes and behaviors on a variety of                       the respondents, Fidelity Investments is the No. 1 financial
    investing topics, including financial concerns, use of                       provider for U.S. millionaire households. Fidelity has the
    financial advisors, and economic outlook.                                    highest penetration of U.S. millionaire households: 40%
                                                                                with at least $1 million in investable assets (not including
                                                                                workplace retirement accounts and any real estate) have
                                                                                at least one account with Fidelity.


                                        FIDELITY INVESTMENTS                                                                                 40%

                                            BANK OF AMERICA                                                             26%

                                                     VANGUARD                                                     24%

                                             CHARLES SCHWAB                                                 19%

                                            CITI SMITH BARNEY                                              18%

                                                MERRILL LYNCH                                        16%

                                                     WACHOVIA                                    15%

                                                  WELLS FARGO                            11%

                                                              ING                        11%

                                            JPMORGAN CHASE                               11%

                                           E*TRADE FINANCIAL                             11%

                                                         TIAA-CREF                  9%

                                                 T. ROWE PRICE                  8%

                                               TD AMERITRADE                    8%
                                                              UBS               8%
                                            MORGAN STANLEY                     7%

                                                                     0%   5%    10%            15%          20%   25%         30%   35%   40%
    Source: Fidelity Millionaire Outlook, January 2008
2
Millionaires by Geography:                                                 Mary Jean Somerville
How Regions Distinguish Millionaires                                       Prototype of a Southern Millionaire

Southern states (including Florida, Texas, and Georgia)                    Widowed at 55, Mary Jean had to quickly
claim the highest number of millionaire households.                        immerse herself in something she had paid
More than a third of millionaire households’ primary                       little attention to over the years—her financial
residences are located in the South (see Figure 1).                        affairs. When it came to finances, her husband
Western states (including California and Arizona) rank                     always took the lead, working with the same
second in their number of millionaire households, with                     trusted private banker for nearly 20 years.
the Midwest (including Illinois and Michigan) and the                      Mary Jean is a Delegator.1 While she’s learned a
Northeast (including New York and Massachusetts)                           great deal about investing over the past three
closely following suit. According to the survey, each                      years, Mary Jean still prefers to delegate most
region’s millionaires exhibit unique characteristics:                      investment decisions to her advisor. She feels
                                                                           she has enough resources for a secure and
I   The South is where millionaires go to retire. Not surprisingly,        comfortable retirement and that her estate plan
given the region’s climate, Southern states are home to many               is in great shape. But recently her oldest son
retired millionaires. On average, Southern millionaires are 59             informed her of his plans to start a business,
years old and the majority (58%) are retired. Given their retiree          and Mary Jean would like to help him. Since
status, these millionaires have slightly lower incomes than those in       she knows this is an area in which her private
some other regions and earn that income from their investments,            banker lacks expertise, Mary Jean is seeking
with an average household income of $340,000 and investable                an independent advisor with specific business
assets of $4.1 million. Seven out of 10 use a financial advisor, with       advisory experience.
a greater percentage than many other regions’ millionaires (27%)
caring for a family member. Typically, Southern millionaires are       1
                                                                       Millionaires differ in their investment decision-making styles.
                                                                       “Delegators” hand over investment decisions and implementation
careful spenders and feel financially secure.                           to others. “Validators” make decisions together with their advisors.
                                                                       “Soloists” are do-it-yourselfers and use advisors to implement the
                                                                       investment decisions they make on their own. See Fidelity Millionaire
                                                                       Outlook series, volume three: The Key to Retaining Millionaire Clients.


FIGURE 1:
MILLIONAIRES ARE MOST LIKELY TO CONGREGATE IN THE SOUTH




                                                                                       18%

                                                       21%

                     25%



                                                                                               Distribution of millionaire respondents by region

                                                         36%
                                                                                                  WEST                 MIDWEST
                                                                                                  SOUTH                NORTHEAST


                                                                                           Source: Fidelity Millionaire Outlook, December 2006



                                                                                                                                                 3
I   Millionaires in the West built their wealth through real
                                                                   John Porter
estate. As a result of the past surge in housing and property
                                                                   Prototype of a Western Millionaire
values, half of Western millionaires claim that real estate
investment appreciation contributed to their wealth. More          John Porter, 45, takes risks in both his career
so than millionaires in any other region, Western millionaires     and his investments, but he is not reckless. A
are concerned about supporting their desired lifestyle today       senior sales executive for a major pharmaceutical
and enjoy not only the highest incomes and assets among            firm, John has not only amassed considerable
all major regions (see Figure 2), but are also saddled with        wealth from his career; he also invested shrewdly
the most debt. While 67% use a financial advisor, they are          in the West Coast real estate market in early
less likely to rely on outside advice when making investment       2000. His financial concerns revolve more around
decisions than any other regional millionaire.                     managing his investments and supporting his
                                                                   current lifestyle than longer-term retirement or
I   Midwestern millionaires credit their jobs as their primary
                                                                   estate planning. John is a Soloist. He trusts his
source of wealth. Eighty-two percent earned their $3.2 million
                                                                   own investment instincts and sees himself in the
in investable assets through employment compensation, and
                                                                   driver’s seat of any relationship with a financial
50% cite stock options/profit sharing as a key source of wealth,
                                                                   advisor. But he seeks and values expertise in
higher than millionaires in any other part of the country. With
                                                                   specific areas of the market and financial affairs.
a greater percentage of Delegators (see Figure 3) than other
                                                                   To benefit from such expertise, John works
regions, Midwestern millionaires are the most likely among
                                                                   with three separate investment advisors, one
all millionaires to use an advisor (73%) (see Figure 4), are the
                                                                   employed by a large brokerage firm and two
most satisfied with their advisor, and are the most apt to work
                                                                   independent advisors. He turns to each for
with more than one advisor (8% use three or more). Despite
                                                                   their different areas of expertise: investment
having the lowest incomes of all regions, typically, Midwestern
                                                                   recommendations from his broker, tax and estate
millionaires have the lowest household debt ($230,000) and
                                                                   planning from an independent advisor who is
are most likely to feel financially secure.
                                                                   a wealth manager, and for stock picking and
                                                                   performance to an independent advisor who is
I   Northeastern millionaires are focused on the traditional
                                                                   an asset manager. This lets John benefit from
values of education and family. At an average age of 60,
                                                                   diverse advisory expertise while still feeling like
Northeastern millionaires are the most likely to have an
                                                                   the quarterback of his financial life.
advanced degree (49% with a Master’s or Doctorate). Earning
$400,000 on average, they have the second highest household
income among the regions. Their average investable assets
are $4.1 million, accumulated largely through employment
compensation and investments. With a greater percentage
of children under 18 years old (25%) than millionaires in
other regions, Northeastern millionaires are more focused
on providing for their family’s financial security, paying for
children’s education, and leaving an inheritance. Two-thirds
use an advisor, with an emphasis on estate planning.




4
FIGURE 2:
WESTERN MILLIONAIRES HAVE THE HIGHEST AVERAGE ASSETS AND INCOME


 REGION             INVESTABLE ASSETS     HOUSEHOLD INCOME

 West               $5.5M                 $430K
 Northeast          $4.1M                 $400K
 South              $4.1M                 $340K
 Midwest            $3.2M                 $320K

Source: Fidelity Millionaire Outlook, January 2008




FIGURE 3:
WHILE VALIDATORS ARE MOST LIKELY TO DOMINATE OVERALL, THERE ARE MORE DELEGATORS IN THE
MIDWEST/SOUTH THAN IN OTHER REGIONS




       20%                                                                22%
                                        26%                                                  31%           26%
                    38%                               33%    37%


          42%                                   41%                    41%                           43%


          Midwest                            South                 West                          Northeast


   VALIDATOR            DELEGATOR             SOLOIST              Source: Fidelity Millionaire Outlook, January 2008




FIGURE 4:
MIDWEST MILLIONAIRES ARE THE MOST LIKELY TO WORK WITH ADVISORS




     27%                               29%                   33%                              34%



            73%                               71%                   67%                              66%



          Midwest                            South                 West                          Northeast


Work with at least one advisor…           YES         NO      Source: Fidelity Millionaire Outlook, December 2006




                                                                                                                        5
    Allen & Jeanne Nash                                      The Top 10 Metropolitan Areas
    Prototype of a Midwestern                                Where Millionaires Live2
    Millionaire Household
                                                             Looking deeper into each of the country’s four regions, an
    The Nashes, married for 30 years, have been              analysis of the Fidelity Millionaire OutlookSM survey reveals
    building their wealth slowly and methodically. As        that millionaires gravitate to the largest U.S. metropolitan
    a senior executive in the manufacturing industry,        areas.3 New York, Chicago, and Los Angeles account for
    Allen has accumulated a sizable concentration of         a cumulative 18% of the nation’s millionaire households,
    wealth through stock options, supplemented with          while areas such as Boston and Phoenix account for 2%
    income from Jeanne’s earnings as a real estate           each (see Figure 5).
    broker. The couple has never spent frivolously
    or even approached living beyond their means.
    They’ve paid off their mortgage and have no debt.        FIGURE 5:
                                                             METROPOLITAN AREAS WHERE MILLIONAIRES LIVE
    Nevertheless, Allen and Jeanne worry about their
    retirement, wondering whether their conservative             AREA                                                                 TOTAL

    investing approach will let them retire in the way           1. New York–Newark–Edison, NY-NJ-PA                                    7%
    they’ve always envisioned. They are looking for              2. Chicago-Naperville-Joliet, IL-IN-WI                                 6%
    ways to finance an active retirement with frequent           3. Los Angeles–Long Beach–Santa Ana, CA                                5%
    trips abroad. They’d also like to buy a spacious Lake        4. Dallas–Ft. Worth–Arlington, TX                                      3%

    Michigan summer home and spend time there with               5. Washington-Arlington-Alexandria, DC-VA-MD-WV                        3%

    children and grandchildren. They worry about how             6. San Francisco–Oakland–Fremont, CA                                   3%

    they can do that without depleting the nest egg they         7. Atlanta–Sandy Springs–Marietta, GA                                  3%

    hope to leave their family. The Nashes have worked           8. Miami–Ft. Lauderdale–Miami Beach, FL                                3%

    with the same independent advisor for more than 15           9. Boston-Cambridge-Quincy, MA-NH                                      2%
                                                                 10. Phoenix-Mesa-Scottsdale, AZ                                        2%
    years. They appreciate his focus on protecting and
    preserving their wealth, rather than taking risks with
                                                             Source: Fidelity Millionaire Outlook, December 2006
    it, and they are happy to delegate their investment
                                                             2
                                                                 “Where they live” refers to the millionaire respondent’s primary residence.
    decisions to him. They intend to discuss their overall
                                                             3
                                                                 In this report, “metropolitan area” refers to a “Core Based Statistical Area”
    estate plan, as well as their immediate goals, with          (CBSA). A CBSA is a term used by the U.S. Census Bureau to define areas
                                                                 with more than 10,000 people connected to an urban core.
    their advisor during their next meeting with the
    expectation that he can provide them with a plan that
    will help them realize their retirement dreams without
    draining their funds.




6
Daniel Johnston                                   10 Surprising Millionaire Zip Codes
Prototype of a Northeastern Millionaire
                                                  The Fidelity Millionaire OutlookSM survey reveals that,
Dan Johnston, age 62 and semiretired,             when it comes to zip codes, the “tried and true” cities
continues working as a consultant to the          are not the only places where millionaires are found.
engineering firm he founded more than             While it’s not surprising to find the likes of LaJolla, CA,
20 years ago. He has always planned for           Palm Beach, FL, or Greenwich, CT, on the list of
the future, both in his business and his          millionaire zip codes, the research uncovers unexpected
investments. He takes measured risks in his       areas, including Midlothian, VA, and Surprise, AZ, with
portfolio after discussions with his wirehouse    significant numbers of millionaires (see Figure 6).
broker. Dan is a Validator who likes to
participate in the management of his assets
and informs his investment decisions by           FIGURE 6:
                                                  SURPRISING MILLIONAIRE ZIP CODES
consulting with his broker. He meets with
his advisor quarterly, and they jointly make          CITY                                              ZIP CODE

investment decisions based on Dan’s evolving          Wayzata, MN                                       55391
needs. Based on the strength of this personal         Croton-on-Hudson, NY                              10520

relationship, Dan frequently refers business          Lemay, MO                                         63125

associates to his advisor. Recently, however,         Bellevue, NE                                      68005

Dan has begun to shift his attention toward his       Avondale, OH                                      45229

children and grandchildren, seeking to provide        Tuscaloosa, AL                                    35401

them with a solid financial legacy. Given this        Piedmont, SC                                      29673
                                                      Midlothian, VA                                    23113
new focus, Dan is strongly inclined to add a
                                                      Londonderry, NH                                   03053
second advisor, someone with more specific
                                                      Surprise, AZ                                      85374
estate-planning expertise. After asking
several business associates for a referral, he
                                                  Source: Fidelity Millionaire Outlook, December 2006
has narrowed his search to two registered
investment advisors who both provide
comprehensive wealth management services.




                                                                                                                   7
How Millionaires Differ by
Metropolitan Area
Millionaires are, by far, most concentrated in
major U.S. metropolitan areas, with 37% living in
10 specific areas (see Figure 7). Looking deeper
within each area and profiling the millionaires
who live there reveals geographically unique
characteristics, financial attitudes, and behaviors.



FIGURE 7:
MAP OF THE U.S., DEPICTING METROPOLITAN AREAS WITH THE HIGHEST NUMBER OF MILLIONAIRE HOUSEHOLDS




                                                                                                   9

                                                                                         1

                                                             2
     6                                                                              5


                                                                                                Top 10 millionaire metropolitan areas
         3

                                                                                                    WEST               MIDWEST
                     10                                                 7                           SOUTH              NORTHEAST
                                                 4
                                                                                        Source: Fidelity Millionaire Outlook, December 2006
1    NEW YORK

2    CHICAGO

3    LOS ANGELES                                                                8
4    DALLAS

5    WASHINGTON, D.C.

6    SAN FRANCISCO

7    ATLANTA

8    MIAMI

9    BOSTON

10   PHOENIX




8
1. New York Claims the Highest Number                                               I   Value financial advisors. New York millionaires
                                                                                    value independent and objective advice (84%) and
   of Millionaires
                                                                                    personalized service, either in person or on the phone
At the top of the list, the metropolitan area that includes                         (59%). Sixty-four percent of New York millionaires
New York, northern and central New Jersey, Long Island,                             work with advisors, and the vast majority are happy
and Pike County, Pennsylvania, is home to 7% of the                                 with them (91%). They look primarily for investment
nation’s millionaires. New York millionaires:                                       recommendations (57%) and detailed reporting on
                                                                                    their portfolio performance (51%). Of those who work
I   Are typically male, married retirees. Three-quarters of New                     with advisors, 53% have a relationship with a wirehouse
York millionaires are men, and almost 9 out of 10 are married.                      broker, while 41% rely on the services of independent
More than half are retired. Three-quarters feel financially secure,                  advisors. Three-quarters have referred an advisor to
with $3.8 million in investable assets and a household income of                    someone else, largely because they were satisfied with
$400,000, on average, earned primarily through employment and                       that advisor’s investment performance (77%; see Figure 8).
investment returns. Half credit their wealth at least partly to real
estate appreciation.

I   Worry about managing and stretching their investments.
                                                                                    Actions to Consider:
While three-quarters of New York millionaires consider themselves                   Guide NY Millionaires in Planning
financially secure (74%), more than half cite estate planning and                    for the Next Generation.
investment management as pressing financial concerns. Four
out of 10 worry about supporting their lifestyle in retirement and                  Given New York millionaires’ concerns about
leaving their children an inheritance. One-quarter stay up at night                 managing and seeing their investments perform, and
thinking about paying for their children’s education.                               providing for their children, consider offering New
                                                                                    York millionaires advice and assistance with setting
                                                                                    up a wealth management plan that offers flexibility
                                                                                    for current investments, while preserving an income-
                                                                                    generating nest egg for later in life. Be proactive in
                                                                                    providing New York millionaires with detailed reports
                                                                                    on their investments. They value regular, up-to-date
                                                                                    information about their assets and liabilities. Bring
                                                                                    in trust experts to help them establish vehicles for
                                                                                    transferring their wealth to the next generation. Show
                                                                                    them tax-efficient ways to help them pay for their
                                                                                    children’s education.



FIGURE 8:
WHY NEW YORKERS MAKE REFERRALS


                                                  INVESTMENT PERFORMANCE                                            77%

                                              GOOD PERSONAL RELATIONSHIP                                    69%

                                                      GOOD CUSTOMER SERVICE                           59%

                                    MEETS ALL FINANCIAL NEEDS AND GOALS                             56%

                        SERVES NEEDS OF ENTIRE LIFE, NOT ONLY FINANCES                        49%

                                                                              25%            50%              75%               100%
Source: Fidelity Millionaire Outlook, December 2006



                                                                                                                                             9
2. Chicago Showcases                                                         I   Gravitate to brokers. Nearly three-quarters of Chicago
                                                                             millionaires work with an advisor, with a substantial majority
   Midwestern Millionaires
                                                                             choosing to work with a wirehouse broker (71% of those
Chicago represents the metropolitan area with                                using an advisor). Three in 10 Chicago millionaires work with
the second-highest number of millionaire                                     independent financial advisors, preferring comprehensive
households. This metropolitan area includes                                  wealth managers to asset managers. Six out of 10 engage
Chicago, Naperville, Joliet, and Lake County in                              an advisor for investment recommendations, while two-fifths
Illinois; Gary, Indiana; and Kenosha, Wisconsin.                             turn to an advisor for comprehensive wealth management.
It accounts for 6% of the nation’s millionaire                               Ninety percent are satisfied with the services they receive
households. Chicago millionaires:                                            from their advisors.

I   Are middle-aged, married professionals. At an average
age of 60, two-thirds of Chicago millionaires are men, and                   Actions to Consider:
the vast majority are married. Three-fifths are still working
and they have, on average, $3.4 million in investable
                                                                             Help Chicago Millionaires Create
assets and an annual household income of $410,000,                           a Retirement Plan.
earned mostly through employment compensation
                                                                             Given Chicago millionaires’ focus on long-term wealth
and investments.
                                                                             preservation, consider working with these clients to develop

I   Worry about preserving their nest egg. Chicago                           a comprehensive low-risk retirement plan. Show them how to

millionaires are conservative investors: Only 1 in 10 (11%)                  conservatively invest their money now to help them finance

is willing to set aside a large portion of their money for                   an active retirement in the future. Since they tend to be less

high-risk investments. Similarly, wealth preservation is                     interested in reducing debt, give them an effective overall

more important to them than wealth accumulation. These                       financial strategy that can help to provide current income

millionaires are more concerned with supporting their                        that could be reinvested in a retirement portfolio while still

desired lifestyle in retirement (48%) than with supporting                   preserving their capital. Consider giving Chicago millionaires

their lifestyle today (19%; see Figure 9). Since the vast                    specific investment recommendations, and offer to execute

majority (82%) are cautious spenders, they do not fret                       the transactions for them.

about their families’ financial security or reducing debt.



FIGURE 9:
TOP 10 PRESSING FINANCIAL CONCERNS FOR CHICAGO MILLIONAIRES


                     1. SUPPORTING LIFESTYLE IN RETIREMENT                                                                             48%

                                    2. MANAGING INVESTMENTS                                                                         46%

                         3. MAINTAINING HOUSEHOLD WEALTH                                                                38%

                          4. INCREASING HOUSEHOLD WEALTH                                                   29%

 5. PAYING FOR CHILDREN’S/GRANDCHILDREN’S EDUCATION                                                  24%

                        6. LEAVING INHERITANCE TO CHILDREN                                          23%

                                             7. ESTATE PLANNING                                    22%

                               8. SUPPORTING LIFESTYLE TODAY                                 19%

            9. PROVIDING FOR FAMILY’S FINANCIAL SECURITY                               15%

                                              10. REDUCING DEBT        2%

                                                                  0%        10%              20%           30%           40%              50%
Source: Fidelity Millionaire Outlook, January 2008


10
3. Los Angeles Millionaires Focus                                          I   Spread the wealth across multiple advisors. Of
                                                                           the 69% of Los Angeles millionaires who work with
   More on Today Than Tomorrow
                                                                           advisors, 37% have two advisors, and another 12%
The Los Angeles metropolitan area includes                                 have three or more. They favor working with either
Los Angeles, Long Beach, Glendale, Santa Ana,                              brokerage firms or independent advisors who provide
Anaheim, Irvine, and Orange County. It accounts for 5%                     comprehensive wealth management. A loyal group,
of the country’s millionaires. Los Angeles millionaires:                   these millionaires have stayed with their advisors for
                                                                           11 years, on average. L.A. millionaires like investment
I   Are younger and wealthier than other millionaires.                     tips; over half (59%) rely on advisors for investment
Los Angeles millionaires are, on average, 52, and the vast                 recommendations. L.A. millionaires are among the
majority are still working. They are well compensated, with an             least likely to make investment decisions on their
average household income of $740,000, the highest for any                  own (19%). Validators by nature, they prefer to make
leading U.S. metropolitan area. This helps fuel an average $8.9            investment decisions in close consultation with an
million in investable assets. While most L.A. millionaires credit          advisor. When asked about the most important
investments for their wealth, half (48%) also cite appreciating            characteristic they seek in a financial provider, L.A.
real estate holdings.                                                      millionaires single out investment performance above
                                                                           anything else (54%), while other millionaires choose
I   Focus on accumulation and boast a higher risk tolerance.
                                                                           ethical conduct (see Figure 10).
Los Angeles millionaires’ most pressing financial concerns revolve
around increasing their wealth, not preserving it, with 20%
willing to set aside a large portion of their portfolios for high-risk
                                                                           Actions to Consider:
investments. One-quarter say that when they want something,
they buy it immediately. Perhaps not surprisingly, nearly one-third        Help L.A. Millionaires Protect
consider reducing debt to be a priority. They aren’t as worried            Their Assets.
about financing their lifestyle in retirement as they are about
financing their current lifestyle. Even fewer are uneasy about              With many Los Angeles millionaires owning
having tax or estate plans.                                                multimillion-dollar homes, it isn’t surprising that they’re
                                                                           concerned about having enough property insurance.
                                                                           Consider bringing in an insurance specialist who can
                                                                           help them wade through the product options, and
                                                                           work with them to determine how much coverage
                                                                           they need. Talk with them about how diversifying away
                                                                           from real estate and investing in liquid assets could
                                                                           potentially allow them to build a more comfortable
                                                                           cushion for the future. Suggest that they consider
                                                                           taking advantage of a fuller spectrum of asset
                                                                           categories to help them mitigate risk.

FIGURE 10:
LOS ANGELES MILLIONAIRES VALUE INVESTMENT PERFORMANCE MOST OF ALL
Most important characteristic in choosing a financial provider:

           STRONG INVESTMENT PERFORMANCE                                                                             54%

                               ETHICAL CONDUCT                                                 37%

     EXPERTISE IN SPECIFIC INVESTMENT VEHICLE                   7%

                      PRESTIGE AND EXCLUSIVITY             1%

                                                      0%             15%          30%                 45%                  60%
Source: Fidelity Millionaire Outlook, December 2006
                                                                                                                                    11
4. Dallas Millionaires                                               I   Rely on their advisor for investment decisions. Seven in
                                                                     10 Dallas millionaires work with an advisor, and of those, the
   Prefer Personal Touch
                                                                     majority (68%) have only one. Half of millionaires with advisors
The metropolitan area, including Dallas, Plano,                      use a wirehouse broker (47%), while the rest work primarily
Irving, Arlington, and Fort Worth, accounts for 3%                   with independent advisors focused on wealth management.
of U.S. millionaire households. Dallas millionaires:                 They are less likely than millionaires elsewhere to make their
                                                                     own investment decisions, relying instead on experts (see
I   Are entrepreneurial. Almost one-third of Dallas                  Figure 11). A personable group, Dallas millionaires stand out
millionaires made their money through launching and                  from other millionaires in their preference for personal service,
owning a business (31%), among the highest percentages               either face to face or on the phone (77%).
in the country, and they are among the least likely in the
country to have inherited their wealth (23%). Likewise,
fewer Dallas millionaires than elsewhere (32%) cite real
                                                                     Actions to Consider:
estate appreciation as contributing to their wealth. After
L.A., Dallas millionaires lay claim to the second-highest            Help Dallas Millionaires with Decision
income ($547,000) and investable assets ($3.9 million)               Making and Simplicity.
among all regions. Almost 40% are female, tying L.A.
for the highest proportion of female millionaires.                   Dallas millionaires tend to hand off decision making and
                                                                     execution to investment experts. Develop an investment plan
I   Don’t spend their money freely. Almost 90% say they              that can help them grow their assets—and then show them
are careful about how they spend their money, among the              how you can take much of the work off their hands. Help them
highest percentages for millionaires in all metropolitan             with their business needs by offering advice or bringing in
areas. Confident in their financial status, they are less              experts on business insurance plans and tax strategies. Show
worried about providing for their families’ financial security        them the pros and cons of different corporate structures,
or reducing debt. They value simplicity, with almost two-            and help them create a borrowing plan should the business
thirds saying they want to simplify their financial life.             need it. Help Dallas entrepreneurs grow their companies with
More so than millionaires in other cities, they consider             new investments; demonstrate the pros and cons of different
increasing their household wealth to be their top priority.          financing options and perhaps work with them to create an
Not surprisingly given their entrepreneurial nature, 1 in 10         investment plan for the business’s profits. Help them retain
believe funding a current business is a pressing financial            good employees by establishing an employee stock option plan.
concern—which is not on the radar screen at all for
millionaires in other metropolitan areas.




FIGURE 11:
WHEN MAKING INVESTMENT DECISIONS, DALLAS MILLIONAIRES PREFER TO RELY ON EXPERTS FOR ADVICE

                                DEPEND ON ADVICE FROM EXPERTS                                                                         59%

           PREFER TO MAKE INVESTMENT DECISIONS ON MY OWN                             20%
                                           WITHOUT ADVICE
                                                                0%           15%               30%                45%                 60%
Source: Fidelity Millionaire Outlook, December 2006




12
5. Washington, D.C., Boasts Some                                      I   Rely on advisors for comprehensive wealth
                                                                      management. Three-quarters of Washington
   of the Most Educated Millionaires
                                                                      millionaires work with an advisor, and of those, almost
   in the Country                                                     a third have more than one. Almost half (44%) use
The metropolitan area—including Washington, D.C.;                     a wirehouse broker, while more than a third (36%)
Bethesda, Frederick, Gaithersburg, Montgomery,                        work with independent advisors. This latter group
Calvert, Charles, and Prince George’s County in                       expresses a strong preference for advisors who
Maryland; Arlington, Alexandria, and 13 other areas in                offer comprehensive wealth management services.
Virginia; as well as Jefferson in West Virginia—accounts              Washington, D.C. millionaires primarily seek detailed
for 3% of millionaires. Washington, D.C., millionaires:               reporting on their portfolio’s performance and look for
                                                                      investment recommendations; they are less interested
I   Are highly educated inheritors. More than one-third of            in seeing a consolidated view of their assets or pure
Washington millionaires inherited their wealth, and they are the      investment information (see Figure 12).
least entrepreneurial of all U.S. millionaires. With an inheritance
helping to fund their education, almost one-quarter of
Washington millionaires have earned a doctorate, making them          Actions to Consider:
among the best-educated millionaires in the country. Education
                                                                      Help D.C. Millionaires Plan For
pays off: Washington millionaires have investable assets of $2.8
million and income of $374,000.
                                                                      Funding Their Children’s Education.

                                                                      Given their concerns about paying for their children’s
I   Worry about kids and life after work. Like Dallas millionaires,
                                                                      education, show them how a college savings account
9 out of 10 say they are careful about how they spend their
                                                                      can be a tax-efficient investment vehicle. Illustrate for
money. But, unlike Dallas millionaires, D.C. millionaires are more
                                                                      them how trusts for grandchildren would allow for
concerned with retirement and leaving money to their children.
                                                                      tuition to be paid out as income, while keeping the
More so than in any other metropolitan area, D.C. millionaires
                                                                      bulk of the principal for later distribution to heirs. They
worry about supporting their lifestyles in retirement (68%). About
                                                                      are an educated group; show them how investment
half fret over maintaining their current household income. This
                                                                      strategies work, and demonstrate model portfolios.
group is also more concerned than other millionaires are about
                                                                      Give them detailed projections of financial strategies,
funding children’s education and leaving them an inheritance—
                                                                      and show how market volatility can vary the outcome.
not surprisingly, given their own inheritance and high level of
education.



FIGURE 12:
WHY D.C. MILLIONAIRES LOOK TO AN ADVISOR

DETAILED REPORTING ON PORTFOLIO PERFORMANCE                                                          52%

                    INVESTMENT RECOMMENDATIONS                                                 48%

                            INVESTMENT INFORMATION                                34%

                      CONSOLIDATED VIEW OF ASSETS                                32%

                                                      0%       15%         30%           45%               60%             75%
Source: Fidelity Millionaire Outlook, December 2006




                                                                                                                                 13
6. San Francisco’s Real Estate                                                  I   Stick with one advisor. Among the 61% of San Francisco
                                                                                millionaires who work with an advisor, most are inclined to
   and Dot-Com Booms Created
                                                                                have one, and they’ve worked with that advisor for 11 years on
   Investment-Savvy Millionaires                                                average. They depend on their advisor for detailed reporting
The metropolitan area, including San Francisco,                                 on portfolio performance and investment recommendations,
Oakland, Fremont, Haywood, Marin, and San                                       but rely less on an advisor to implement investment decisions
Mateo, accounts for 3% of millionaires. San                                     for them. Half work with a broker employed by a brokerage
Francisco millionaires:                                                         firm, while 44% use an independent advisor. More say that
                                                                                when they refer an advisor to someone else, they consider the
I   Are savvy investors. Despite the myth of a city filled                       personal relationship with that advisor to be a more important
with young, wealthy entrepreneurs, San Francisco                                factor than the performance of their investments.
millionaires are on average 58 years old, very close to
the average age of 59 for all metropolitan millionaires
nationwide. However, San Francisco millionaires are                             Actions to Consider:
slightly less likely to be married (78%) and among the least
likely to have children living at home (17%). And, unlike
                                                                                Attract and Serve San Francisco
millionaires elsewhere, San Francisco millionaires credit                       Millionaires Online.
investment gains as the main contributor to their wealth,
                                                                                Give Silicon Valley millionaires the tools to manage their
topping employment compensation. They are also the
                                                                                investments online. Direct them to self-serve Web sites
most apt to have become rich as a result of the dramatic
                                                                                and resources and communicate with them regularly via
rise in real estate prices in the past decade. They boast,
                                                                                e-mail, rather than by phone or in person. Make investment
on average, $3.2 million in investable assets and $335,000
                                                                                recommendations, but don’t push to execute the trades for
in annual household income.
                                                                                them. Since San Francisco millionaires seek to increase their
I   Seek financial simplification online. San Francisco                           wealth and want to support a comfortable retirement, consider
millionaires are most likely to use the Internet in order                       offering them a financial plan that maximizes their current
to meet their need for simpler financial lives (62% seek                         investment income; reinvest some of that income and suggest
simplification). The majority (53%) prefer to manage                             a more conservative ongoing strategy. Create detailed, online
their finances themselves online—more than millionaires                          reports of their investment performance.
elsewhere (see Figure 13). San Francisco millionaires tend
to worry about tax planning (36%) and estate planning
(36%). With more single, childless millionaires in San
Francisco than in any other major metropolitan area, it is
not surprising that San Francisco millionaires are the least
concerned about leaving an inheritance.



FIGURE 13:
SAN FRANCISCO MILLIONAIRES USE THE INTERNET TO MANAGE THEIR WEALTH


                                    I SEEK TO SIMPLIFY MY FINANCIAL LIFE                                                                  62%
               I PREFER TO IMPLEMENT INVESTMENT DECISIONS MYSELF                                                                      61%
                        I LIKE TO MANAGE MY FINANCES MYSELF, ONLINE                                                           53%

                                                                           0%            15%          30%           45%             60%          75%
Source: Fidelity Millionaire Outlook, December 2006




14
7. Atlanta Millionaires                                                         have two or more advisors and stay with them for an
                                                                                average of 11 years. Atlanta millionaires are the least
   Depend on Their Advisors
                                                                                likely of millionaires in major metropolitan areas (17%)
The Atlanta metropolitan area, which accounts for 3% of                         to make investment decisions themselves; the majority
the nation’s millionaires, includes Atlanta, Sandy Springs,                     (83%) depend on their advisor’s expert counsel for
and Marietta. Atlanta millionaires:                                             direction or approval. Validators by nature, they look
                                                                                for comprehensive wealth management and are more
I   Are married, corporate executives. At an average age of 59,                 likely than millionaires in other major metropolitan
half of Atlanta’s millionaires are retired. However, 36% of those               areas to turn to their advisors for estate planning (see
retirees—more than retired millionaires elsewhere—choose to                     Figure 14).
continue working part-time. Perhaps because of their retirement
status, Atlanta millionaires have among the lowest household
incomes ($279,000) and investable assets ($2.9 million), compared
                                                                                Actions to Consider:
with millionaires in other metropolitan areas.
                                                                                Offer Atlanta Millionaires Advice
I   Worry about children and eldercare. Nearly one-quarter (24%)                On Estate Planning.
of Atlanta millionaires fret about caring for an aging parent, more
than millionaires in any other leading metropolitan area do. They               Push Atlanta millionaires to set up or update their
are also concerned with paying for their children’s education and               estate plan in order to help them meet their multiple
leaving them an inheritance. And they are cautious about how                    goals. For example, you can advise clients who are
they spend their money; paying down debt is important to them.                  concerned with eldercare and children’s education
                                                                                to set up a trust to pay for their parents’ long-term
I   Depend on their advisors and are loyal to them. Atlanta                     health-care needs while still providing their children
millionaires value independent and objective financial advice and                with a secure nest egg. To boost the latter, explore
seek a personal touch, via phone or in person. Three-quarters                   tax-efficient strategies for building education savings.
of Atlanta millionaires work with an advisor (75%); of those, 30%               Show them the benefits of various estate plans to keep
                                                                                their wealth in the family. Make specific investment
                                                                                recommendations for their portfolio, and offer to
                                                                                execute the transactions for them.




FIGURE 14:
TOP 10 REASONS ATLANTA MILLIONAIRES LOOK TO AN ADVISOR


                     1. INVESTMENT RECOMMENDATIONS                                                                            62%

2. DETAILED REPORTING ON PORTFOLIO PERFORMANCE                                                                    51%

             3. COMPREHENSIVE WEALTH MANAGEMENT                                                             47%

                                       4. ESTATE PLANNING                                                   47%

                       5. CONSOLIDATED VIEW OF ASSETS                                         36%

                                              6. TAX ADVICE                                   36%

                             7. INVESTMENT INFORMATION                               28%

                                       8. TAX PREPARATION                 18%

                                      9. LENDING SERVICES             16%

                                         10. MARGIN LOANS           13%

                                                              0%    15%               30%             45%               60%              75%
Source: Fidelity Millionaire Outlook, December 2006

                                                                                                                                          15
8. Miami Millionaires                                               I   Value personal connections. Two-thirds of Miami
                                                                    millionaires work with an advisor (66%), and of those who
   are Frugal Retirees
                                                                    do, more than a third have two or more. Almost half (46%)
The metropolitan area that includes Miami,                          use a wirehouse broker. Befitting retirees who may be living
Miami Beach, Fort Lauderdale, Pompano Beach,                        off trusts, one-fifth use a private banker or trust officer as
Deerfield Beach, Kendall, West Palm Beach,                           their advisor, a higher percentage than any other group of
Boca Raton, and Boynton Beach accounts for                          metropolitan millionaires. Almost 9 in 10 are satisfied with their
3% of America’s millionaires. Miami millionaires:                   advisor relationship, and 75% have referred their advisor (see
                                                                    Figure 15). More than in any other metropolitan area, Miami
I   Are older, retired men. At an average age of 63, Miami          millionaires look to their advisors to track and monitor their
millionaires are the oldest nationwide. Not surprisingly,           finances (31%).
over 70% are retired, and only 2 in 10 work full-time.
They make, on average, $332,000 a year. Three-quarters
say their wealth ($3.6 million in investable assets) comes
                                                                    Actions to Consider:
from investment appreciation; over half cite employment
compensation as the source. Though retired, almost 4 in             Promote Your Expertise to Miami Millionaires.
10 (39%)—the highest percentage in the country—credit
                                                                    To help South Floridian millionaires, consider suggesting a
entrepreneurship for their wealth.
                                                                    retirement income plan to help them balance their needs
I   Worry about maintaining their wealth, and the                   today and for the future; if they fear outliving their assets,
weather. Given that they are largely retired, Miami                 perhaps show them the benefits of incorporating annuities
millionaires focus on preserving their wealth as their              into their plan. Being older investors, only a handful (1%) have
top financial priority (53%). This concern is followed by            investments in relatively new exchange-traded funds, far lower
managing their investments (47%). Not surprisingly, far             than millionaires elsewhere. Show them how the low-cost
lower on the list of worries for these retirees is estate           niche funds can complement a retirement portfolio. Help them
planning (32%) or caring for family members (14%). But              secure adequate property insurance, or explore alternative
South Floridians have something else to worry about.                ways to insure their home, such as self-insurance pools for
Given the coast’s frequent battering by hurricanes,                 condo owners.
a quarter of Miami millionaires (26%)—far more than
millionaires anywhere else in the country—fret about
having sufficient property insurance.



FIGURE 15:
WHY MIAMI MILLIONAIRES MAKE REFERRALS


                                     INVESTMENT PERFORMANCE                                                        79%

                                 GOOD PERSONAL RELATIONSHIP                                                  73%

                                       GOOD CUSTOMER SERVICE                                     53%

                       MEETS ALL FINANCIAL NEEDS AND GOALS                                 48%

                     INVESTMENT PHILOSOPHY MIRRORED MINE                         33%

                                     LOCATED IN MY COMMUNITY                   31%

                                                               0%   20%              40%           60%          80%
Source: Fidelity Millionaire Outlook, December 2006




16
9. Boston Millionaires Exemplify a New                                         I    Rely on advisors for specific product expertise.
                                                                               Boston millionaires are the least likely of all
   Generation of Wealth
                                                                               metropolitan millionaire areas to work with an advisor,
The metropolitan area comprising Boston, Cambridge,                            and those who do use an advisor (55%) generally
and Quincy, Massachusetts, along with southern New                             use just one, relying on that advisor primarily for
Hampshire, accounts for 2% of the country’s millionaires.                      investment recommendations and detailed reporting
Boston millionaires:                                                           on the performance of their portfolios. Half use a
                                                                               wirehouse broker (50%), while 3 out of 10 use an
I   Are single entrepreneurs. At an average age of 57, Boston’s                independent broker. More likely to be Soloists, Boston
millionaires include the lowest proportion of married millionaires             millionaires depend on their advisors to fill gaps in
(72%) of all the metropolitan areas. With an average income of                 the product knowledge with their expertise in specific
$421,000, they hold investable assets of $3.5 million on average,              investment vehicles.
are among the most likely to be employed full time (60%), and
more than a third (35%) credit entrepreneurship for their wealth,
the second-highest level of entrepreneurship after Miami’s
                                                                               Actions to Consider:
retirees (see Figure 16). More Boston millionaires hold advanced
degrees than any other metropolitan region, with 55% holding a                 Help Boston Millionaires With
graduate or post-graduate degree.                                              Their Small Businesses.

I   Worry about their children’s money management. Boston                      With the second-highest percentage of entrepreneurs
millionaires who have or are planning families are also more given             among them, these clients will appreciate advisors’
than other millionaires to worrying about leaving an inheritance to            help in planning for the future of their businesses,
their children, and about their children’s ability to manage money.            whether they’re seeking working capital in the earlier
Boston millionaires also fret about supporting their desired                   stages or are looking at succession planning as the
lifestyle in retirement (59%), increasing family wealth (47%), estate          business matures. Since millionaires in Boston worry
planning (46%), and managing investments (45%).                                about how their children will handle the wealth they
                                                                               stand to inherit, offer to help clients teach financial
                                                                               responsibility as they transfer the family business assets
                                                                               to the next generation. Perhaps invite the millionaire’s
                                                                               children to a meeting with the client, to demonstrate
                                                                               how financial planning works, or help set up a small
                                                                               account for the millionaire’s children to manage.
                                                                               Provide tips for tax-efficient investing, and offer to
                                                                               help them prepare their returns.

FIGURE 16:
BOSTON IS HOME TO HIGHLY COMPENSATED AND ENTREPRENEURIAL MILLIONAIRES
Source of wealth:

                  COMPENSATION (SALARY, BONUSES, COMMISSIONS)                                                                        67%
                                 INVESTMENTS/CAPITAL APPRECIATION                                                                64%
                                              REAL ESTATE INVESTMENTS                                          40%
                                                      ENTREPRENEURSHIP                                   35%

                                                        STOCK OPTIONS                              33%

                                                           INHERITANCE                 23%

                                                                         0%   15%            30%                45%      60%            75%
Source: Fidelity Millionaire Outlook, December 2006


                                                                                                                                        17
10. Phoenix is Home to Self-made                                 I   Gravitate to private bankers or trust officers. Although
                                                                 more than half of Phoenix millionaires are self-described “do-it-
    Retired Millionaires
                                                                 yourselfers” and enjoy managing their finances online, almost
This metropolitan region, including Phoenix,                     two-thirds use an advisor. Among them, nearly a third (32%)
Mesa, Scottsdale, and Maricopa and Pinal                         employ two or more. Like their Miami counterparts, Phoenix
counties, accounts for 2% of millionaires in                     millionaires also tend to work with a private banker or trust
the U.S. Phoenix-area millionaires:                              officer (21%; see Figure 17). They depend on their advisors
                                                                 primarily for investment recommendations (59%) and detailed
I   Are older, retired men. Phoenix, along with Atlanta, has     reporting on portfolio performance (47%), but 4 in 10 also seek
the highest proportion of male millionaires among all the        a consolidated view of their assets.
metropolitan areas, and, with an average age of 60, they
are among the oldest. Not surprisingly, Phoenix’s climate
also draws the second-highest concentration of retired
                                                                 Actions to Consider:
millionaires (69%) after Miami. Despite their retirement
status, Phoenix millionaires boast a healthy household           Show Phoenix Millionaires the Power of
income of $366,000 and investable assets of $2.8 million,        Retirement Income Planning.
on average, due in part to savvy investments in the rapidly
growing Southwest. Like most of America’s millionaires,          With Phoenix millionaires concerned about maintaining their
Phoenix’s are self-made, crediting their preretirement           wealth and supporting their current lifestyle in retirement,
compensation for their wealth, earned largely as senior          consider focusing on educating these clients as to the critical
corporate executives.                                            importance of a lifetime income plan. Show them how you
                                                                 can implement a comprehensive retirement income strategy
I   Worry about running out of money in retirement.              that can help them to preserve more of their wealth. Consider
More than any other regional millionaire, Phoenix                leveraging tools to assist in modeling various retirement
millionaires worry about maintaining their household             income scenarios to project their assets over time. Frequently
wealth (58%). They are also most likely to consider              confer with them about their plan, even after it has been
supporting their current lifestyle in retirement. Their          put into motion, and meet regularly to review their portfolio
worries may be a result of their spending habits, with more      performance and alter their strategy to account for any
than half of Phoenix millionaires—more than in any other         projected surpluses or shortfalls.
region—admitting to buying things they want immediately.
Feeling financially insecure, they are also concerned that
their children will be affected. One out of four (26%) want
to ensure their children can manage wealth responsibly,
and 1 in 10 (12%) are supporting grown children, a higher
rate than millionaires elsewhere.

FIGURE 17:
TYPES OF ADVISORS PHOENIX MILLIONAIRES USE


BROKER EMPLOYED BY A BROKERAGE FIRM                                                                                 59%

           PRIVATE BANKER/TRUST OFFICER                          21%

         INDEPENDENT WEALTH MANAGER                              21%

          INDEPENDENT MONEY MANAGER                   2%

                                                 0%        15%              30%                45%                 60%

Source: Fidelity Millionaire Outlook, December 2006




18
Further Considerations to Help You
Strengthen Client Relationships
I   Different millionaires, different approaches. Understanding     I   Some things don’t depend on geography.
the needs and concerns of millionaires in specific parts of the      Regardless of where your millionaire clients live,
country can help you fine-tune your advice and the services you      there are similarities. For the affluent, you can benefit
bring to these clients—and help interest potential clients. Being   if you think of your firm as a quarterback of a team
fluent in the financial needs of the millionaires in your town—       of specialists. Bring together an experienced team
whether they’re Boston entrepreneurs with kids or older Dallas      of insurance planners, tax and accounting firms, and
corporate executives looking for someone to make investment         estate lawyers to help your clients. If you can provide
decisions for them—you’ll sharpen your approach, and your           these millionaires with a single point of contact to
clients will be grateful for it.                                    access a spectrum of experts, you’ll likely be viewed
                                                                    as an ally.

                                                                    To varying degrees, all millionaires, regardless of
                                                                    where they live, say that they want advice from
                                                                    independent and objective experts, that they want
                                                                    to be kept in the loop regarding their investments’
                                                                    performance, and that they value close personal
                                                                    relationships with their advisors.




                                                                                                                            19
         About Fidelity Institutional Wealth Services
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         intermediaries. The company custodies more than $341 billion in assets on behalf of more than 3,800 RIAs, bank trust, and
         TPA firms, as of March 31, 2008. Fidelity provides access to a flexible, open technology environment, extensive practice
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         that are in the interest of their clients and that make the most sense for their business.

         For more information about Fidelity’s services, please visit http://fiws.fidelity.com.




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