Using an arbitrary minimum asset level for clients unduly limits the market for financial services providers to those who have already “made it,” and ignores the substantial number of prospects that are ultimately headed for financial success. For advisors, using minimums often means excluding the coveted Millennial group because they do not meet asset requirements . . . yet. So why does the industry continue to focus on current asset levels? Defining target markets by …
What separates those who have the highest potential for building wealth from others? Is it exotic investments or timing the market? In many cases, it’s the basics of financial planning. In our latest white paper, we discuss how Wealth Potential groups differ in terms of their behaviors and self-reported experiences related to financial management. We measured Wealth Potential with Data Points’ proprietary assessment of frugality, confidence, level of responsibility for one’s finances, and focus on …
Can you identify the wealth-building potential of your prospective or potential clients? Is the coaching and financial mentoring you give to your clients based on an objective measure of their wealth-related behaviors? We are very pleased to announce the release of our new research report, Financial Behaviors & Wealth Potential. The report describes how using behavioral-based assessments can identify and develop one’s potential for building wealth. Applied broadly, measuring Wealth Potential can allow large institutions and firms …
How will you spend the day after Thanksgiving? Here’s some research that might influence your decision. In our 2015 survey of affluent Americans–a group that represents the top wealth holders in the United States–we asked how many times they participated in in-store Black Friday shopping in the past five years. Only 2% said they had participated each of the past five years, 14% said they had participated once or twice, and 3% said they had …
As you make your way into midlife you will inevitably encounter a growing number of peers who are on the verge of or who have already dissolved their marriages. For many of these couples, the self-reported cause of marital discord is disagreement over finances. In fact, financial disagreements are stronger predictors of divorce than other marital disagreements, based on research from Kansas State University. The researchers studied over 4,500 couples and examined a variety of marital and financial factors. Assuming a …