In my last post, I talked about wealth creators--and asked if you are one.
In short, wealth creators are usually new to wealth, representing the first generation in their families to have significant resources. They tend to think more about what the wealth can do for their lives--how it can enable them to live a life consistent with their values--than merely sustain their financial situation.
Most wealth managers focus on the needs of the more tenured wealthy, so-called "old money." I've decided to focus on wealth creators. They have unique needs that can be very different from those for whom wealth has been in the family for a long time.
For instance, with so called "old money," there is a more mature family advisory infrastructure. As a result, advice tends to primarily investment-oriented, with a focus on standard institutional wealth protection and conservative growth approaches. The services tend not to focus on ideal life outcomes and values. They are not the creative, custom approaches required of a wealth creator. ...