Wealth management firms typically emphasize applying a personal touch in how they serve clients, driven by a sincere concern for their well-being, and a desire to build long-term relationships. 

And to a significant extent, the industry has delivered solutions that work for both clients in the mass market, generally defined as individuals and households with below $1 million in net worth, and to the upper echelons of the high net worth, broadly defined as those who have more than $20 million in net worth. The former is usually supported by a spectrum of small, independent financial advisor businesses, while the latter continues to be dominated by an assortment of white shoe family offices and Wall Street institutions.

But this also means there is an “overlooked millionaire” segment of the wealth management market, comprised of individuals and families with between $2 million to $20 million in net worth, who have more complex needs than the mass market, but simply aren’t worth the time and attention of the top players in the industry.

These overlooked millionaires—frequently self-made, highly driven individuals who would like to explore how they can best use their wealth to reflect and promote their values—are generally in need of professional guidance that focuses on what they can accomplish with their wealth, versus just returns on investment.

There is a significant opportunity for wealth managers who can help clients in this underserved segment of the population feel safe enough to reveal their secret aspirations, and from there, craft a financial plan for each client that aligns their lifestyle, dreams and legacy with their wealth goals.

Dreams

Few high-net-worth individuals view general goals like “saving for retirement” or “travel” as a deeply held dream. Dreams are more specific, and therefore may feel more out of reach unless a financial advisor shows clients differently.

Advisors can begin that process by emboldening clients to define their dreams. This may entail a client saying he dreams of retiring at age 68 and continue to live in his current home, or that she dreams of taking the entire family on a cruise to Alaska.

From there an advisor can determine whether the client’s dreams match up with the client’s career goals, as well as whether those dreams complement the dreams and career goals of the client’s partner.

It’s not too much of a stretch for the advisor to inquire about the dreams and career goals of anyone else whose life might directly affect the client. To the extent possible, this information assists in either turning the client’s dreams into reality or leading the client to modify their dreams to fit reality.

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