In 1996, Thomas Stanley and William Danko released the book “The Millionaire Next Door”, which quickly became a NY Times Bestseller. Stanley and Danko were market researchers who had initially sought – as marketers do – to better understand the tendencies, habits, attitudes, and other psychographics of the affluent (a segment of the marketplace that companies have long wanted to better understand). In fact, Stanley had already published several books on working with the affluent, including “Marketing To The Affluent,” “Selling To The Affluent,” and “Networking with the Affluent”, based on nearly a decade of prior research he had conducted through his Affluent Marketing Institute.

They are young and committed to the technology they've spent years and their own money developing. But unlike some other fintech entrepreneurs, they have no ambition to upend wealth management. Assembled at the annual conference for the XY Planning Network, some of the finalists vying for top prize in its fintech competition are in fact RIAs themselves.

Two decades ago, a book called “The Millionaire Next Door” upended conventional wisdom about this small group of wealthy Americans. Co-written by Thomas J. Stanley and William Danko, it was based on extensive research with millionaires, who weren’t actually flashy types who lived in big houses and drove expensive cars. They worked in ordinary professions such as farming and manufacturing. They drove old cars and rolled their eyes at fancy watches and lavish lifestyles....

Identifying clients who can have high wealth potential is key for firms.

When you think of millionaires, words like “privilege” and “opulence” often come to mind. What about “comfort”? That’s a term more commonly associated with the middle class. But while most American families enjoy creature comforts, they yearn for a more enduring variant—the peace of mind that comes from knowing you have the financial freedom to pursue whatever life you want. That sense of comfort is more attainable than you might think. Contrary to popular belief, inheritance played a small role in the success of most of the seven-figure club’s 10 million members. More than 80% of their wealth was earned through their jobs, ...