No two clients are the same—not in amount of wealth, needs, desires, or lifestyles. Just because you’re a HNW investor doesn’t mean you will take the same path as other HNW investors. HNW individuals have as many personalities Additionally, as you seek financial advice, you’ll be looking for different things from your wealth advisor.
If you’ve ever been curious about what you really need from your wealth advisor and how to maximize your meetings, it’s helpful to understand your specific personality type.
Knowing your HNW personality type offers great insight for yourself and your advisor in how to best communicate important steps, needs, and even guide decisions. To learn more about which personality type you closely resemble, read on!
The Nine HNW Types of Personalities
These nine high-net-worth personality types stem from different values and motivations. It’s important to consider that everyone may not identify as strictly one type, but may have a little bit of two types.
Understanding your financial personality can help you better understand how to communicate your needs and wants for successful financial planning sessions.
Which one are you?
1. The Family Steward
Your loved ones are your priority and your number one financial concern. Your goals center around covering children’s tuitions and passing wealth on to heirs. Typically, a family steward is financially conservative and protecting your family is your end game.
2. The Independent
You crave (and love) freedom. You want to do what you want, when you want. Investing allows you to have the money you need to do the things you want. You aren’t particularly thrilled by conversations about investing; you just want to hear the bullet points and get back to living life.
3. The Phobic
You don’t exactly understand investing, you don’t enjoy it, and you may not have a particular interest in even learning about investing. You’re seeking an advisor you trust and would rather defer to them.
4. The Anonymous
Your main focus is privacy and you want to keep your team small and intimate. You don’t want to give out financial information, and you’ll only work with people you trust 100%.
5. The Mogul
You’re a leader, decisive, and like to have control. You know what you want and your wealth advisor is there to enable you to have more influence, control, and power. Your wealth allows you to achieve this in various arenas.
6. The VIP
You want your investments to give you the power to buy. You like to spend money on the latest and greatest and you don’t shy away from high-visibility institutions and circumstances.
7. The Accumulator
You’re easygoing; you live below your means, don’t spend a lot, and love to save more than you spend. You feel most comfortable knowing you have a lot of money and capital appreciation is the name of your game.
8. The Gambler
Investing is exciting and you’re here for the drama! You want an advisor who is aggressive and delivers results.
9. The Innovator
You like all things shiny and new; like investment products, services, and trading methods. You closely follow – and understand – the market and likely subscribe to a few newsletters and technical journals. You’re looking for an advisor to include you in the nitty gritty and provide you with regular in-depth analyses and reports.
In general, these nine personality types are a little vague and there’s nothing inherently good OR bad about any of them. But taking the time to identify with one or two areas may help you understand your goals and needs on another level.
Essentially, you want to find an advisor who understands your financial personality and can effectively communicate to your needs, otherwise you’re wasting your time. When your advisor understands and speaks to your personality type, your wealth needs and goals will be best positioned to support your needs in life.
When you (or your advisor) don’t have a grasp on your HNW personality type, you may be putting yourself through unproductive communication and worse, wasting your money.
The team at Saddock Wealth has been serving HNW clients for decades and has been serving our longest client since the 80s. We’ve seen our fair share of each personality type and know we can offer great service. We know how to adapt to our clients needs, and personality type, so that goals and assets are aligned.
Give us a call and we can discuss your needs to see if we’re the right match for you!