Accumulators save more than they spend and tend to live well below their means. They don’t exhibit any outward displays of wealth and often disdain those who do. What they enjoy is watching their pile of money grow. The more they have, the better they feel.

Of the nine personality types, these people are the most focused on investment performance. The capital appreciation is an end in itself for them. They do not want the money to do anything; they just want it to grow.

Gamblers love the excitement of the market—the drama of investing, the thrill of the big win. Investing is their hobby. For some, it is work, and for a few, it is their life. Because of this, they’re much more performance-sensitive than any of the other personalities.

Gamblers are very knowledgeable, though they are not always astute. They believe it is possible to consistently beat the market and like to recount their big victories.  

Innovators, like gamblers, are extremely knowledgeable about investing, but their orientation is different. They like to be at the cutting edge of the money management field.

They like new products and services and sophisticated analytical methods. They often have technical backgrounds and might be computer programmers, engineers or mathematicians.

Communication
Knowing the types will help you change the ways you communicate with them about investing (or related matters such as estate planning). Your approach to investment management shouldn’t change, but the way you explain it to different rich investors should.

This way, the quality of your relationships can improve—sometimes dramatically. At the same time, clients will be able to understand the value you’re bringing them. That should greatly improve your business.

Russ Alan Prince is president of R.A. Prince & Associates Inc. and executive director of Private Wealth magazine.
Brett Van Bortel is director of consulting services for Invesco Consulting, the sales consulting group within Invesco Distributions Inc. The opinions expressed are those of Russ Alan Prince and Brett Van Bortel, and are based on current market conditions and subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
 

First « 1 2 3 4 » Next