High net worth individuals are cautiously optimistic about their portfolios,says Lyle Lamothe of Bank of America/Merrill Lynch Wealth Management US.Their net worth has come back to 2007 levels.Dealing with them is less about the products;more about the process of communication first-they want to know how much risk they need to take to reach their goals;what is it that they're actually investing in.He's actually engaging in more hand-holding.
The clients are showing more interest in Asian real estate,Mr.Lamothe revealed.It's part of an allocation strategy.Merrill Lynch is seeing broader diversification in their portfolios.
There are 2.7 million millionaires in the United States.
Bank of America(BAC)
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