I have the good fortune of working with some great people. Many of the people we serve have been very successful and have been great savers. All of the scenarios mentioned in this article are based on having more than $1 million of investable assets and having a net worth closer to $2 million. I would describe those mentioned as “The millionaire next door” because they live within their means, tend to be financially conservative and they have always been good savers. I recently went back through my notes from the past couple of years to see if I could identify common concerns of wealthy individuals. One of the first questions I always ask when I meet someone new is, “How can I help you the most, and what are your primary concerns.”  Below I will share with you in what I heard when I asked that question from a few of the people I’ve had pleasure to meet.

Millionaire #1
He is concerned about the taxation of his IRA and required minimum distributions. As a couple they are looking for the most tax efficient strategy for distributing assets to their children. His wife is more conservative and  likes guarantees. They never hear from their financial advisor or CPA and nobody ever calls them with proactive planning ideas. They feel they are paying too much in taxes. They are concerned with the leadership of our Country, and they are not sure where we are headed. They would like to have their financial lives simplified as much as possible. They want to be smart about their investments. They want to know they are getting a good value for their money.

Millionaire #2

They are about to retire and feel like they were being overlooked by their current adviser plus their adviser recently changed firms. They would like to see their investments in a slow growth mode to help hedge against inflation, and they want their investments guarded. Finally they are looking for good sound financial advice.

Millionaire #3

They are not concerned about making a huge killing in the market, but they do not want to slip back from where they are, and they want to be able to absorb inflation.  His wife is a worrier, they are conservative, they do not want to become a burden to their kids, and they want to be able to independently handle all of their finance and medical issues. She feels like they need a little more income every month to be able to have the lifestyle they want in retirement. They are worried about the future for their adult children and grandchildren. They want to protect what they do have and not be taxed to death when these assets transfer to their children and grandchildren. Safety is especially important to her.

Millionaire #4

They are concerned about the stock market going up and down. He wants to know if they are taking as much income as they can without having to worry about depleting their assets? The purpose of the money is to provide income for a long time and they are not comfortable losing a lot of money at this stage in their retirement.

Millionaire #5

When should she start taking her social security benefits? She will need her investments to supplement her income. She wants to leave something to her children. 

We are in a wonderful position to help people create meaningful and lasting solutions to their very important personal finance problems. When you have a financial plan that creates a high degree of confidence you will be free to spend more of your thoughts, energy and time doing the things you really want to do with the people you care the most about. Ultimately I believe most people are in pursuit of clarity, confidence and freedom.  If you share any of these concerns maybe its time to get a second opinion on what you can do to resolve them in the new year.  For those of you that have given us the opportunity to help you solve these types of problems, thank you for giving us the opportunity.