While the other key estate planning markets are all business-related, there is one market that may have nothing to do with business. This group is separate from the others in one key respect; most of its members inherited their wealth, and are primarily concerned with protection of legacy (i.e., "family") wealth. "Self-made millionaires" who did not inherit their wealth fall into this group if they are beyond the concern of protecting a business interest. Perhaps they sold a business for substantial profit, or made a "killing in the market." Whatever the source of the money, the need here is to preserve as much as possible for future generations through wise trust and tax planning techniques.
These are the truly affluent people of wealth whose financial needs and concerns are far beyond those of most people. Their financial affairs are usually handled by advisers who are not approachable and who tend to insulate these individuals from other influences. As a result, people in this group may be difficult to reach. However, their need for the estate planning services and products you offer are just as great. In fact they are greater than those of businessowners, professionals, and executives. And, equally pertinent, they have the ability to pay for them.
Reaching People of Wealth
There are two practical ways to reach people of wealth.
- By building solid relationships with other professional advisers in your community, you may earn the opportunity to fill the insurance needs of their wealthy clients.
- By servicing the financial security needs of the adult children of affluent estate owners, you may be able to suggest planning ideas that will earn you an introduction to the parents.
