"Let me tell you about the very rich.
They are different from you and me."
From the short story "The Rich Boy" by F. Scott Fitzgerald
One of those differences is how the wealthy handle their vast sums of money. Most have financial advisers and they want specific things from those money experts.
Cerulli Associates/Phoenix Market International conducted a survey last year of high net worth individuals to find out what they wanted from their financial gurus.
Advice on how to minimize income and capital gains taxes came in seventh out of the nine financial wishes and needs listed by the rich folks who participated in the survey.
Yeah, I couldn't believe taxes didn't top the list either. But it seems that it's just you and me who are worried about our tax bills.
The most important piece of information for wealthy individuals is how they can keep living the good life once they retire.
OK, that's not a bad goal. I admit that I'd like to retire to a life of leisure sooner rather than later.
Here's the full list:
- Maintain lifestyle in retirement -– 31.4 percent
- College education funding –- 19.6 percent
- Protect current level of wealth –- 14.6 percent
- Aggressively grow wealth –- 14 percent
- Leave an estate for heirs –- 9.8 percent
- Charitable giving –- 4.2 percent
- Minimize income and capital gains taxes -– 2.4 percent
- Improve household cash flow –- 1.9 percent
- Better manage market risk –- 1.9 percent
Which of these is the most important to you? Have you gone to a professional for help in reaching a financial goal?
You also might find these items of interest:
- Those wacky rich folk and their taxes
- Handy retirement plan rollover chart
- Romney's earnings prompt renewed attention
to carried interest taxation
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