Don’t let conventional wisdom damage your unconventional wealth.  

  • Conventional advice may be harmful if you’ve accumulated significant wealth.
  • Avoiding critical mistakes in advisor selection, asset allocation, and family communication is key.
  • Working with a trusted advisor in a collaborative environment is crucial.

“Subtract your age from 100 to get your target stock allocation.”

“Keep tight control on your wealth to preserve it for your children.”

“Name your spouse and children as beneficiaries for your retirement accounts.”

The above types of “conventional wisdom” about wealth management are everywhere these days, on television and in the financial pages, in blogs and around the water cooler. Yet what most people don’t realize is that investment advice is almost always geared for conventional portfolios of $5 million or less. Accumulate more than that, and the industry’s many rules of thumb don’t apply. They may even be harmful to your financial well-being.

Please see important disclosures at the end of the article.

 

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