Equity Ownership in America, 2005

Investment Company Institute and the Securities Industry Association Equity Ownership in America, 2005 Investment Company Institute and the Securities Industry Association Equity Ownership in America, 2005 The Investment Company Institute (ICI) is the national association of the U.S. investment company industry. ICI mem-bers include 8,509 open-end investment companies (mutual funds), 659 closed-end investment companies, 147 exchange-traded funds, and five sponsors of unit investment trusts. Mutual fund members of the ICI have total assets of approximate-ly $8.428 trillion (representing more than 95 percent of all assets of U.S. mutual funds); these funds serve approximately 87.7 million shareholders in more than 51.2 million households. (More information about ICI is available at www.ici.org.) The Securities Industry Association (SIA) brings together the shared interests of nearly 600 securities firms to accomplish common goals. SIA’s primary mission is to build and maintain public trust and confidence in the securities markets. SIA members (including investment banks, broker-dealers, and mutual fund companies) are active in all U.S. and foreign markets and in all phases of corporate and public finance. The U.S. securities industry employs 800,000 individuals, and its personnel manage the accounts of nearly 93 million investors directly and indirectly through corporate, thrift, and pension plans. In 2004, the industry generated an estimated $236.7 billion in domestic revenue and $340 billion in global revenues. (More information about SIA is available at www.sia.com.) Copyright © 2005 by the Investment Company Institute and the Securities Industry Association. Table of Contents Executive Summary 1 Patterns of Equity Ownership 2 Equity Investors’ Characteristics 4 Use of Professional Financial Advisers 6 Chapter 1: Patterns of Equity Ownership 7 Growth in Equity Ownership 7 Types of Equities Owned 10 Ownership of Equities in Tax-Deferred and Taxable Accounts 15 Chapter 2: Equity Investors’ Characteristics 17 Implications of an Aging Equity Investor Population 17 Changes Since the Bear Market 21 Transaction Activity 24 Use of the Internet 26 Chapter 3: Use of Professional Financial Advisers 29 Ownership of Equities Through Professional Financial Advisers 29 The Adviser-Investor Relationship 32 Reliance on Advisers When Making Investment Decisions 34 Appendix A: Research Methodology 39 Survey Content 39 Interviewing and Sampling Procedures 40 Sampling Tolerances 41 Appendix B: Number and Percent of Households Owning Equities 43 Appendix C: Detailed Tabulations of Characteristics of All Equity Investors, All Individual Stock Investors, and All Stock Mutual Fund Investors 45 Appendix D: Detailed Tabulations of Characteristics of Individual Stock and Stock Mutual Fund Investors, Inside and Outside Employer-Sponsored Retirement Plans 51 Equity Ownership in America, 2005 i ... - tailieumienphi.vn