- Maintain lifestyle in retirement – 31.4%
- College education funding – 19.6%
- Protect current level of wealth – 14.6%
- Aggressively grow wealth – 14%
- Leave an estate for heirs – 9.8%
- Charitable giving – 4.2%
- Minimize income and capital gains taxes – 2.4%
- Improve household cash flow – 1.9%
- Better manage market risk – 1.9%
Now – how does your marketing strategy and product and service offerings match up with these results? We all know that surveys will come-up with different results, but the general lessons are all pretty consistent these days:
Especially in light of the economic difficulties that so many people have experienced over the past few years, more and more people are worried about their retirement, about funding their major obligations – such as college – and about preserving the wealth that they have attained. Preservation has for most surpassed growth. The new mantra for many has become Retirement, Retirement, Retirement.
Consistent with the above, high net worth individuals are more concerned with long-term concerns than shorter-term ones – such as minimizing taxes this year and managing market risk. That is not to say that these concepts are not important and that they should not be addressed – they should. But they should be somewhat down the line in the presentations that you give clients and prospects.
Make your clients concerns your concerns and your focus and you will be more successful in growing your business.
