They often have vague financial goals that, once achieved, would allow them to pursue their dreams. That doesn’t always mean they want to retire. Simply knowing they could cut loose at any time is the liberating feeling they seem to crave.

Phobics do not like investing. They don’t know anything about it and don’t want to learn. The topic makes them uncomfortable, and they tend to be adamant about remaining unsophisticated about it.

All too often, financial advisors are intent on educating their wealthy clients about financial matters, but that’s a losing proposition when it comes to working with phobics.

Anonymous types want to be invisible. Did you ever have a wealthy client who took forever to really open up and tell you things you needed to know in order to help him? Or did you ever have one ask you why you needed his Social Security number? If so, there’s a good chance he was an “anonymous” type.
It usually takes some time before anonymous types give you much information about themselves. They feel their money is their business and no one else’s.
Moguls are motivated by power. They seek control, influence and, yes, power in their families, business, community and investments.

They find the idea of asset allocation very appealing because they can have control over their investments without having to be involved in day-to-day details. Moguls are usually big-picture people.

VIPs are status-oriented. They like prestige and the respect of others. Investing is just another means to achieve that acclaim—the psychological and social validation they crave.

Look around their offices. You’ll often find pictures of them with celebrities both national and local.