What Do Rich Clients Most Want These Days?

Posted by adaniels in Blog on January 23, 2012

What do you think wealthy people want from their financial advisors? Well, the top things they are seeking from their advisors “might surprise you,” Forbes reports. A new survey from Cerulli Associates/Phoenix Market International says that “high net worth individuals” are looking for the following things, arranged in order from most critical to least critical:

1.            Keep their current lifestyle when retired – 31.4%

2.            Paying for college for their children – 19.6%

3.            Protect the money they have accumulated – 14.6%

4.            Increase that money by using aggressive measures – 14%

5.            Be able to have an estate that can be left to heirs – 9.8%

6.            Give to charity – 4.2%

7.            Keep amount paid in taxes low, particularly with capital gains and income tax  – 2.4%

8.            Have better cash flow to run household – 1.9%

9.            Handle the risk in the market better  – 1.9%

What this means, Forbes notes, is that even those with lots of money are still worried about keeping what they have, funding their children’s education, and not wanting to cut back in retirement. There is less emphasis on making more money, and more on keeping what they have. Financial advisors may want to take heed of this survey and strategize accordingly.

Written by Lisa Swan


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