Most advisors would readily agree that affluent clients are not all the same, yet it’s common practice to treat them as if they were. In other words, the advisors explain their concepts, ideas, investment approach and work methods the same way regardless of whom they’re speaking to.

This is usually detrimental. It means they are not connecting with the affluent, which means they won’t get assets to manage or meaningful referrals from family and peers.

The solution is knowing high-net-worth psychology. There is an empirically derived methodology for understanding what the affluent want from the professionals they use as well as how the wealthy think about and make financial decisions. Becoming familiar with this will help you better communicate with them.

At the center of this framework are nine personality types who want different things from their investing program.

The Nine High-Net-Worth Personalities
Family Stewards
• The point of investing is to take care of their family.
• They are conservative.
• They are not very knowledgeable.

• They exhibit drive for the type of personal freedom money makes possible.
• They feel investing is a necessary means to an end.
• They are not interested in the process of investing.

• They avoid focusing on investing.
• Many have inherited their assets.
•They are confused and frustrated by the responsibility of wealth.

The Anonymous
• Confidentiality is their dominant concern.
• They prize privacy for their financial affairs.
• They are likely to concentrate their assets and have few investment advisors.

• Investing for these people is another way of creating personal power.
• Control is a primary concern.
• They are decisive.

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