Advisors: What the 'New Rich' Clients Need

It’s not just the top 1% anymore. Around 20% of U.S. adults now fall into what is being called the “new rich,” according to new research.

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Comments (1)
To serve this market correctly is NOT to max out government controlled retirement plans and/or contribute to government run college savings plans (529's). Rather the first thing these folks should do is have ample liquidity. 3-6 months take home pay at a minimum in a generic money market account. All this should be done while having a comprehensive review of there insurances including Will/Trusts. This not only includes life insurance, but disability, health, car/home, and umbrella coverage. After all of this is in order, then they should consider government controlled programs.
Posted by Dean C | Tuesday, January 07 2014 at 10:17AM ET
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