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What Wealthy Individuals Want Versus What They Get – Finger Financial Five #156

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so. – Mark Twain

I have had the honor of taking golf lessons from Ted Frick at Classic Swing Golf in Myrtle Beach, SC: remarkable teacher and an even better person.

He would tell me what to do, and I would THINK I was doing what he said. Then, he would show me the video of my swing. Wow. I was so far off.

What I feel wasn’t real, he would say. I needed to see a video of my swing to understand this. 

The same thing goes for finances. What we feel like we are getting may not be real…

Studies show wealthy clients want:

  • Investment Management
  • Tax Planning
  • Estate Planning
  • Wealth Protection Planning
  • Charitable Planning

What they receive falls far short of their expectations. See below:

Why is there a disconnect between what investors want and what they receive? 

First, it takes a deep understanding of what is important to you for an advisor to guide you. Many people don’t do it in the depth needed.

We go through 82 questions in our F.L.O.W. process to know where you are and where you want to go. 

Second, overall holistic planning takes many areas to cover what is needed. Some people on your “Personal Board of Directors” could be:

  • Certified Financial Planner
  • CPA
  • Estate/Tax Attorney
  • Property and Casualty Insurance Representative
  • Certified Exit Planning Advisor

Third, these individuals need to be good at what they do and coordinate their efforts with the other for the collective good of the client. In other words, there needs to be open lines of communication between all parties so everyone is on the same page. 

We help by ensuring that the individuals we work with are open to communication. We need to know their ideal client, how they serve them, and their expectations. We will consider working with them if they have the capacity and the service standards required.  We set up regular calls to discuss cases as needed. 

I discuss this process on South Carolina Public Radio here

On the lighter side, pictured above, is an alligator in front of our house. Strange place for him to rest. Elliott comes home this Friday. We are so excited. He did well in his first semester at the University of South Carolina. We are very proud of him. 

I hope all is well with you and your family.

Have a wonderful holiday season.


Jeremy

Finger Financial Five – 5 points in 5 minutes or less – is intended to provide you with a weekly shot of useful financial information.  My intention is to share principles so that you will have more clarity, more peace, and make better financial decisions. 

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities. This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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