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Future Thoughts on Talking to the Wealthy |
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We have recently been involved in interviewing some very wealthy households, and it has been an incredibly interesting experience. I have been privileged enough to travel to some beautiful locations (Newport Beach, Boca Raton) as well as some locations that were not quite as exotic (Houston, Detroit, Chicago). But the most exciting part of this experience is the stories that these individuals have shared with us.
One gentleman was literally left at an orphanage by his mother when he was seven years old because she was unable to care for him. Through intelligence and determination he educated himself, became a scientist and ultimately sold his company for hundreds of millions of dollars. Today he runs a foundation for Jewish children and orphans. Other individuals amassed their fortunes through trading options, investing in real estate, owning major league baseball teams, creating merchant banks or providing “liquidation” services. While many attribute their success to “being in the right place at the right time”, for most, it was a combination of quick wit and the willingness to take a risk.The wide-ranging and fascinating paths that each person walked in achieving their wealth are as diverse and unique as each of them.As an advisor with a wealth management practice, you may or may not feel comfortable asking clients about their lives beyond their assets. But knowing what brought a person to where they are, can often tell you volumes about where they want to go and how they expect to get there.And at the end of the day, encouraging clients to share their stories with you adds that much more depth to your relationship with them, as well as insight for their financial plans. - Catherine McBreen
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High Net Worth Advisor Insights Newsletter April 2008
