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How Advisors Can Combat Feelings Of Isolation Among The Wealthy
Most uber-wealthy clients aren ’ t comfortable talking about their wealth , says Bernstein Private Wealth Management . By Jacqueline Sergeant
THE BIG BOSS AND OTHERS AT THE TOP ARE NOT the only ones prone to feeling lonely and isolated . Count the uber-wealthy as part of that lot . According to a recent report from Bernstein
Private Wealth Management , a New York-based investment manager with $ 125 billion in assets under management , nearly three-quarters ( 73 %) of ultra-high-net-worth families feel isolated and uncomfortable talking about financial concerns with relatives , peers or even their financial advisors .
A mere 5 % felt they had a good network to reach out to , only 11 % felt comfortable with their advisors , and only 22 % said they were comfortable discussing money issues with either their family or with advisors .
“ I think even where they felt like they could talk about it , it still felt quite awkward and isolating ,” says Anne Bucciarelli , the firm ’ s senior national director of family engagement strategies . But she says having a trusted advisor could provide a sense of comfort and a safe space where these families can get insights on the experiences of clients with similar issues .
Bernstein recently conducted research for a report called “ Wealth Beyond Measure ,” which included 40 interviews , lasting an hour to 90 minutes , with 40 families whose net worth ranged from $ 100 million to more than $ 4 billion . The group , Bucciarelli says , ranged from business owners to family offices to wealthy families with different generations involved . “ A big part of the reason behind the research was because we get asked the question , ‘ What are other people like me doing ?’” all the time , she says .
Many of those surveyed felt they didn ’ t have a network once they created their wealth because their peers were not dealing with the same issues . “ And so , they don ’ t feel it ’ s appropriate to talk about it , or they don ’ t feel comfortable ,” she says .
Bucciarelli believes a lot of the discomfort the wealthy have about broaching the topic with others stems from their relation-
26 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2024 WWW . FA-MAG . COM