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Advisors: What the 'new rich' clients need

from Financial Planning

It’s not just the top 1 percent anymore. Around 20 percent of U.S. adults now fall into what is being called the “new rich,” according to new research. This label, which denotes households with annual income of $250,000 or more at some point in their working lives, tends to be made up of mostly older professionals, working married couples and more educated singles. To serve this market, the most important things financial advisors can do are to make sure clients establish automated investing programs, max out their 401(k)s, make sure they have appropriate life insurance policies and make monthly contributions to 529 college savings plans if they have children, says David Edwards, president of Heron Financial Group/Wealth Advisors in New York City. more


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