If you've ever daydreamed about setting up a branch office in order to be where the ultra-high-net-worth prospects are, think a little harder about the mega-millionaires in your own backyard, wealth intelligence firm Wealth-X says.
According to the company's latest white paper, about half of the 55,000 Americans worth over $30 million are clustered around the states with the biggest metropolitan centers: California, New York, Texas, Illinois, Florida.
California boasts a full 17% of the ultra-high-net-worth population, while New York is the only other state to crack a double-digit share with 13% of the elite crowd.
Beyond that, the mega-millionaire population thins out substantially -- the next six states on the list barely account for as much wealth as is concentrated in California -- but here's the interesting thing: There are still 19,000 UHNW Americans spread out among the remaining 39 states.
Now say you live in a state like Wyoming. As it turns out, there are "only" 307 30-millionaires total resident in Wyoming. (Interestingly enough, that's also the area code.) Yet the combined directories of NAPFA and the FPA show only six in-state financial planners, which works out to something like 50 of these mega-clients apiece.
Sure, a lot of ultra-high-net-worth people will travel to the big cities for advice. But remember, they can live anywhere they want, and they chose your state. It sounds like you already have something in common, and maybe that's what it takes to start a conversation. Full Story