Holiday Spending Can Be A Great Topic To Introduce A Conversation About Managing Client Spend Rates Throughout The Year
Even the wealthy can be a bit delusional that their money will never run out. There are plenty of media stories that show this is true. All you have to do is think of names like Mike Tyson and John DeLorean, among others.
Although clients with over $100,000 in assets may not be planning to spend as much this year, it's a great time to broach a spend rate conversation.
Eighty-six percent say they plan to keep their holiday spending within last year's limits. Only 14% plan to spend more than they did last year.
Since money is often also associated with love, acceptance, and self-esteem, behavioral tendencies can cause people who are tired and stressed—as they often are during the holidays—to act irrationally.