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Wealthy want to give, study shows |
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Monday, 07 January 2008 |
While still focused on providing themselves with a comfortable retirement, most Americans with at least $1 million in investible assets also want to be generous and help others, according to a study released last month by Wells Fargo Private Bank of San Francisco.
The bank found that 65% of respondents considered "making a difference in the world" to be very important, while 57% felt the same about volunteering in their community.
An identical percentage said that leaving an estate to heirs is an important financial goal.
"It is interesting that high-net-worth individuals are focused on ... responsibility in retirement," said Christi Deakin, executive vice president and head of client solutions, strategy and marketing at Wells Fargo. One adviser said the survey results confirm his views that advisers who work with the affluent must go beyond investment management to discuss the qualitative goals of retirement.
"Advisers have to want to know what is most important in the client's life," said Barry Glassman, senior vice president of Cassaday & Co. in McLean, Va., which manages $1.1 billion in assets.
Clients who want to be generous must have a sense of what their financial condition will be once they retire, said Ken Robinson, senior planner of The Monitor Group Inc. in McLean, Va., which manages $450 million in assets.
"Once a client feels comfortable with where they stand," Mr. Robinson said, they then will ask for help in determining how much they can give away.
The online study was conducted for Wells Fargo by Harris Interactive Inc. of Rochester, N.Y.
Wells Fargo conducted the research to investigate how feelings toward money, family, work, values and society vary as the life situations, wealth and goals of high-net-worth individuals change over time.
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Last Updated ( Monday, 07 January 2008 )
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