According to the Barclays Wealth Insights report release this week, 41 percent of the more than 2,000 high-net worth individuals surveyed reported they wish they had more control over their finances.
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This is critical since emotions can cost investors up to 20% in returns over a decade if individuals buy high and sell low, reports Financial Planning. At the wealthiest end of the scale, those with $15 million or more, 45% of respondents want better self-control.
Investing with a cool head is one of the strategic advantages that financial advisors can offer clients. So highlighting this benefit could be a good way to market to HNW individuals.
The report, Risk and Rules: The Role of Control in Financial Decision Making, is the first in-depth examination of wealthy investors from a behavioral finance perspective, according to Financial Planning