A Wealth of Information
Among the top concerns for many: The national economy and threats from abroad.
Of 'Thrillionaires' and 'Willionaires'
Today's wealth advisers have more on their minds than the amount of money their firms can manage for you. Gone are the days of pure asset gathering as today's savvy advisers are just as interested in how you spend your money as in how much money you have.
J.P. Morgan Asset Management released a study conducted by a cultural anthropologist about the spending styles of the wealthy. It identified five archetypes -- each reflecting how those with at least $1 million in investable assets spend their time and money.
Larry Samuel, part-time Floridian and founder of Culture Planning, the consulting firm that collected the data, says that as individuals become wealthier, they also become more fragmented and specialized." It's just crazy because as you make more money and become more sophisticated, you tend to specialize more. It's not just about the megayacht you're buying, but its brand. And, not just any engine will do; it's got to have a particular type of engine."
Samuel's archetypes include:
"Thrillionaires:" Investors who like what money can buy, love spending it and see wealth as a means to privacy and exclusivity.
"Coolinaires:" Artisan-types who see creativity as the essence of life.
"Willionaires:" Those whose goal is to leave a legacy and give back to their communities.
Called "psychographics," research of this type has been around at least as long as behavioral finance has. Both attempt to arm investment advisers with more information about what makes their clients tick. The hope is that the more that's known about a wealthy investor's spending and investing habits, the better handle advisers will have in offering solutions to their wealthy clients' financial needs.