TITLE

Immigrants and Natives to Wealth: Understanding Clients Based on Their Wealth Origins

AUTHOR(S)
Grubman, James; Jaffe, Dennis T.
PUB. DATE
July 2007
SOURCE
Journal of Financial Planning;Jul2007, Vol. 20 Issue 7, p54
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
• The origin of clients' wealth leads to differences in their personal adjustment, parenting, attitudes, behavior, how they want to pass on their wealth. Financial planners should be sensitive to the origins of clients' wealth in order to facilitate understanding, provide support, and guide choices about life planning and intergenerational communication. • Traditionally we think of individual wealth as "old money" (inherited) and "new money" (acquired). Another valuable way of looking at it is from the perspective of those "native born" to wealth and those who travel to affluence like "immigrants" to a new culture. • Those who acquire wealth such as through the development and sale of a business typically have a more fully formed sense of self before coming to wealth. They carry their "old country" values inside them as they experience transition and transformation. They may, for example, worry about becoming the very stereotype of the rich as spoiled, self-absorbed, shallow, and snobbish. • Those native-born to wealth must develop their sense of identity out of a culture of affluence that is sometimes antithetical to that effort. While they may seek ways to grow the family wealth, above all they worry about preserving it. Both immigrants and native born worry about how to teach their children to handle wealth responsibly. • Even more challenging to a financial planner is working with cross-class couples one native-born to wealth, the other an immigrant. • This paper presents two prototypical wealthy couples--one who acquired wealth in their lifetime and one raised with wealth from childhood. It then presents ways advisors can inquire into these issues in the client-relationship process.
ACCESSION #
25657172

 

Related Articles

  • Transformational Philanthropy: This may be a fine time to introduce clients to the profound rewards they can give themselves by giving to others, Cam Thornton explains. MELLAN, OLIVIA // Investment Advisor;Dec2012, Vol. 32 Issue 12, p57 

    An interview with Your Legacy Foundation director and wealth manager Cameron Thornton is presented. He states that the Family Financial Philosophy which helps families in transitioning wealth from generation to generation was created after one of his business owner client passed away. He...

  • How Are We Doing? Sontag, Howard // Financial Planning;Nov2006, Vol. 36 Issue 11, p119 

    The article focuses on discussing the performance of a client's portfolio. It says that once an advisor has discussed such matter, client's trust and retention will be developed. It is claimed that since some clients tend to check their portfolio against an index, advisors should first inform...

  • Money as Blessing. Wagner, Richard B. // Journal of Financial Planning;Dec1997, Vol. 10 Issue 6, p38 

    Focuses on money as a form of blessing, and discusses its moral and social aspects. Celebrations about money matters; Dangers of money; How money is the prime mover of peace and a fundamental conduit of good will; Multiple implications of money; Money as an equalizer.

  • Maintaining and Passing on Wealth. Duffie, Andre S. // Ebony;Aug2012, Vol. 67 Issue 10, p99 

    The article presents information for retired people on maintaining and passing on wealth. The author offers tips, including putting together a personal board of accountants, financial advisors, or tax attorneys to help make large financial decisions, beware of get-rich-quick scams that usually...

  • Wealth management for average doctors. Altfest, Lewis J. // Medical Economics;5/18/2007, Vol. 84 Issue 10, p24 

    The article cites an advice on wealth management for average-earner physicians. It is recommended that a comprehensive financial plan is needed or a physician who is earning $125,000 a year, owns a home, and wants to plan for his future. Such program refers to a plan that takes all ones asset...

  • Financial Planning: Do Ask, Do Tell. Braxton, Lazetta Rainey // Journal of Financial Planning;Dec2012, Vol. 25 Issue 12, p30 

    The author urges that financial planners question their clients about their lives, values, and goals in order to get a more complete picture of their situation and tailor a plan suitable to it. She says that financial planners who focus exclusively on financial data may feel in control of the...

  • Seeking Purpose. Swift, Marie // Research;Apr2009, Vol. 32 Issue 4, p61 

    The article discusses intergenerational planning for family's investments. It examines the development of the Purposeful Planning system which aims to establish family bonds and assist the family wealth founder becomes the entrepreneur of the family legacy. It states that the system provides...

  • CHARTING A Financial Course. LIGHTSEY, ED // Georgia Trend;Nov2012, Vol. 28 Issue 3, p78 

    The article offers information on several wealth managers in Georgia. It states that Robert Balentine is one of a cadre of credentialed professionals who .guide and advise clients in financial planning and investing. It mentions that Dana Halberg, who also owns the company Arden Group, has a...

  • Practice What You Preach. Silver, Larry // On Wall Street;Apr2007, Vol. 17 Issue 4, p83 

    The article offers suggestions to financial advisors regarding the management of a client's budget. Clients without an acceptable budget can affect the financial plan crafted by their advisor. The author emphasizes the importance of an advisor's own budgeting scheme in convincing their clients...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics