Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, July 12, 2018

Aligning Client Lifestyle, Dreams And Legacy Goals With Wealth Objectives

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-07-12/360f065f-4af7-4e93-ae15-68871d6a3fc7.pngFinancial advising companies have a quite peculiar way to categorize their clientele. They determine that the "mass market" are clients that are worth $1 million or less, and that the "high net worth" category are those that have a net worth of more than $20 million. Two vastly different types of companies assist these types of clients, and that often means that the middle section of "lower millionaires" that could be overlooked.

These type of millionaires are often the self-made ones that are more determined and driven than the ones that have had their fortunes come to them through inheritance. Their dreams may be harder to define and it is the job of their advisor to help align their dreams with their reality.

Legacies for self-made millionaires can be tricky, as they understand the need for hard work but also the desire to enjoy the fruits of that labor. It may not just comprise of assets and accounts, but values that the client wants to pass on to their loved ones are desired organizations.

Any good financial advisor will consult with their client about their lifestyle: how they spend their money and how they save it, what brings them comfort and ease, how they like to live on a daily basis. Advisors must know these items if they expect to tell the client what’s necessary to achieve his or her goals. 

See Greg Powell, Aligning Client Lifestyle, Dreams And Legacy Goals With Wealth Objectives, Financial Advisor, July 6, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.


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