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The Growth Mindset by Rick Capozzi

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PART THREEWhat Clients Really Want

High‐net‐worth clients want it all. Great service, valued advice, performance, and complete transparency. They want white glove treatment at a reasonable price. They want holistic advice that will help them achieve their goals and dreams. Therefore, wealth management is a journey that starts with the destination in mind. The most important part of the journey is figuring out where you want to end up, and how will you get there. It's not exclusively about what your number needs to be. As I said earlier, wealth management and financial investing are not interchangeable. The more assets, the more complex the planning will be. Therefore, having a professional team on the side of the client is key to maneuvering through this maze. The high‐net‐worth individuals in the United States are predominately over age 55. Over 90 percent did not inherit their wealth; they are self‐made and they worked very hard. In fact, according to AARP magazine, 86 percent log more than 50 hours a week. And they also save about 40 percent of their income. They are not mentally and financially ready for retirement, and they dislike salespeople, excessive taxes, and wasting time. What they want more of is time. On average they take six vacations a year, but they are not extravagant, with 77 percent flying economy. They also spend big on kids' education. Good health is important and they spend money on top doctors, good medical insurance, and fresh, high‐quality food, as ...

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