These numbers speak volumes. Educating the market becomes key. Most financial, tax and legal advisors would agree that many high income and net worth individuals do not effectively select a financial advisor to allow them to adequately achieve their financial goals. Sadly, like in any field, there are many mediocre service providers that a uninitiated client may choose from instead of using the same criteria when making a business decision. Staying current and sharing knowledge with clients on the latest trends is a must.
Good people work with good people so a referral network is ideal.
The academic community such as law schools and accounting department heads may provide ideal references as well. Gifting as part of the planning is a key consideration as many recipients may be too reliant on the gift and can be under achievers in generating personal income. Many benefactors assume that such gifts will transform their beneficiaries into savers. Such advice is therefore important. Our focus is admittedly on the business owner.