The 2018 U.S. Trust Insights on Wealth and Worth® survey found that while increased wealth provides greater freedom, only half of high-net-worth individuals have a plan in place to optimize the opportunities their wealth provides. However, creating and continuously evolving a customized plan is the key to putting wealth into action.
Findings from a recent survey of high- and ultra-high-net-worth adults across the United States revealed that while increased wealth brought greater freedom to people, most felt they had still not optimized their opportunities for taking risks, pursuing passions, giving back and making a bigger impact on the world.
Comprehensive wealth planning was found to play a crucial role in why some individuals are further along in achieving their goals than others. Those individuals with a wealth manager reported an average of 65% progress toward achieving their goals, compared to an average of only 51% for those without an advisor.
Indeed, the study found that those who don’t, won’t or don’t know how to plan their wealth goals trail those who do in putting their wealth into action. While 90% of those who’ve accumulated significant wealth say they’ve gained the freedom to do more with it, fewer than half have a clear purpose (47%) or plan (49%) for their wealth. Those findings come even as 72% said they have a financial plan to protect their assets.
But when it comes to putting wealth into action, those in the study believe they aren’t doing as much as they can. For example, on a scale of one to 100, respondents reported the following extent of action or effort put in to achieving these important goals:
- Living true to values ─ 79
- Setting a positive example for children ─ 78
- Making the most of their full potential ─ 72
These responses indicate that there’s still a gap between intent and action among important goals.
What can you take away from the thoughts of the ultra-wealthy? For one thing, whether you’re saving for retirement, catching up, or just getting started, don’t let competing priorities get in the way of what you want to achieve.
With a little planning and guidance from a professional advisor, the wealth you accumulate can help you realize those values which are truest to your heart and allow you to express and live the kind of life that’s truly important to you. Don’t let competing priorities or time pressures keep you from doing all you can to reach your objectives!
Our focus is on helping you align and achieve your goals, priorities and values by utilizing the comprehensive planning and wealth-building methods we’ve developed through the years. Contact M.F. Conroy & Associates by emailing firstname.lastname@example.org or call us at (815) 814-5245 to get started!
“2018 U.S. Trust Insights on Wealth and Worth,” U.S. Trust, part of the Global Wealth and Investment Management unit of Bank of America. www.ustrust.com/survey (accessed July 9, 2018).