In April of 2007, the U.S. Trust Survey of Affluent Americans was prepared for the United States Trust Company which is a wholly owned subsidiary of the Charles Schwab Corporation. Gregg and Lisa Whitney think it is important for their clients to follow the attitudes and trends of wealthy Americans on a wide variety of topics as most of their clients hold real estate as a part of their investment portfolio.

This article is Part 6 of an interesting nine part series on the super high net worth American. Gregg and Lisa Whitney are pleased to provide this information for you

Their partnership, also known as Whitney and Associates, has a proven, long-term track record of successful real estate sales in the La Jolla, California Real Estate Market. Gregg and Lisa Whitney believe Clients should be key finding from this survey as part of the exceptional service they provide to their clients.

Those surveyed in this study released recently constitute Americans with an investable net work greater than $5 million, not including primary residence. Included in this study is a special sub-sample of ultra high net worth Americans with total assets of $25 million or more. Gregg and Lisa Whitney want you to know that an income qualification was not used in the current version of the study and the overall qualification was based solely on investable assets leading to an overall wealthier sample. An independent marketing research firm was retained to conduct this survey and focuses itself on the top wealthiest Americans and their beliefs, concerns and attitudes.

In respect to high net worth individuals and their children, some interesting findings were uncovered. High net worth individuals have larger families. Nine in ten participants report having children, with an average of 2.45 children in each family. Only 10% of high net worth individuals report having no children. This is higher than the average number of children living at home in a United States household, which is 1.82. This number represents children at home, not total number of children and is supported by the 2006 finding of the U.S. Census Bureau “America’s Families and Living Arrangements: 2006.”

Most parents report that their children are actively involved in managing their wealth. Six out of ten, or 61%, of parents report that their children are actively involved in this area. Whether or not their children are currently managing their own wealth, most high net worth parents agree that the ages between 25 and 34 are the years when almost half of these children started managing their own wealth. For those whose children do not currently manage their wealth, a similar proportion, or 42- 45%, believe that is the age range when their children will likely assume the responsibility.

On who to teach children about managing wealth, the vast majority, or 71%, say that they taught their children how to manage their wealth themselves. Less than 8% report that they have never taught their children or haven’t yet taught their children about managing wealth. The study found the following ways and percentages of high net worth individuals using the following tools and techniques for managing wealth:

• Taught children yourself (71%);
• College/University (53%)
• Children learned on own (48%)
• Financial advisor (27%)
• Private course/workshops (14%)
• Never taught children (8%)
• Haven’t yet taught/plan to in future (1%)
• Other tools and techniques (5%)

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At Whitney and Associates, we understand the specialized needs of the wealthiest Buyers and are the right choice for the buying or selling of a home in La, Jolla, California.
Have any questions or like to learn more? Use our handy form on the side of the page to contact Gregg and Lisa Whitney. You will see that we only require your email address. Gregg and Lisa Whitney understand that your privacy is important to you and we respect that. We do not share your information with anyone without your permission.

Gregg and Lisa Whitney realize that you are probably in the information gathering stage of your process, and we want to provide assistance to you in any of your La Jolla, California Real Estate needs. If you would like to talk to Gregg or Lisa Whitney in person, feel free to call Whitney and Associates at our main line at 858-456-3282.
When you are ready to invest in the real estate market let us help you. After all, we are the experts in La Jolla, California Real Estate.

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