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, ...

Data Points announced today the release of its Predicting Wealth™ platform, which provides the financial services industry a scientific way to identify clients with the highest potential for building wealth across all market segments. The platform delivers analytics on the financial behaviors of clients and predictive assessments to drive financial success.

Resisting the temptation to keep up with fashion trends, fads or status-oriented purchases such as cars can be the most important factor in determining your likelihood to achieve financial independence. You might have known that, but the problem has gotten worse because of social-media technology, according to new research conducted by DataPoints.