The Recession Left Wealthy Families Much More Sensitive To Macro Risks, Gloomy About The Future
- Created: Friday, 08 July 2011 05:24
It seems that in the post-2008 world, 73% of the rich are bearish on the global markets and a full 90% think the global economy is in trouble.
Survey participants apparently curbed their more ostentatious spending habits. They're more worried about violence in the streets than cyber crime. And 38% think they're worse off now than they were a year ago.
Granted, poll sponsor Insite Security has a competitive message here, since the company makes its money selling security services to the elite.
But if the biggest and best clients truly do see the 2008-9 credit crash as a sea change and not just another bit of market surf, then advisors need to deal with that.
Plenty of advisors checked their clients' risk tolerances in the months after Lehman Brothers went down. But have you had any really in-depth conversations about risk after the markets recovered?
Are your best clients better off today than they were last year? If so, then maybe they need to be reminded.