Major Concerns of a High Net-Worth Individual

We all read about the glamour-studded lives of high-net-worth individuals in media. Their portrayal is that of individuals separated from reality and its concerns. However, this is not true. Yes, their lives work differently because of the vast amount of resources at their disposal. But the picture isn’t complete.
In their daily lives, they deal with concerns. And, mind you, those concerns are legit serious. In fact, many people have these concerns as well. Before you start wondering what they are, let’s find out what they are.

In today’s article, we cover the major concerns of a high-net-worth individual.

1. Media coverage
   All glitters are not gold. We read about wealthy people and feel enamored with the idea of being rich and popular. These people have the spotlight on them, but not always in a good way.
   High-net-worth individuals struggle greatly for privacy. Their families and even their friends’ lives are subject to extensive scrutiny from all over the world.
   We all make mistakes. But ours don’t get highlighted as speedily and as gravely as theirs. It is because of this reason these individuals hire a team of public relations officers and media spokespersons. This way, they can maintain their reputation and help their business grow.
2. The Right Financial Adviser
   With such mounds of resources stashed all over, you can’t possibly keep track. High-net-worth individuals have multiple transactions, investments, and collaborations ongoing. So much money goes in and out, and for a single person to take care of it is a Herculean task.
   Naturally, they need help–and that is where financial advisors come. But, neither they come cheap, nor do they come in the fit-for-all form. Having magnified and diverse financial concerns, they need to hire people who specialize in them.
   Moreover, it is not just about managing these resources but also about the optimal use and investment of these resources. Thus, high-net-worth individuals worry quite a bit over financial advisors.
3. Tax Planning
   Apparently, this was expected. Tax planning is cumbersome, even for the wealthy. And they have all the reasons to be so, considering they fall within the largest tax slabs.
   If they don’t plan wisely, all their fortune will go into paying taxes. The more profits you accrue, the more tax you pay. The more you leave behind, the more burdened your heirs could be. Your businesses may suffer from atrociously high corporate taxes.
   Tax planning, thus, assumes great importance. You’ll find these individuals engaging in tax-saving schemes and strategies to ensure fewer tax cuts. For example, charity. Donating to a public cause or organization is quite a popular method of tax saving among the rich because these donations are subject to tax exemption or deduction.
4. Choosing the heir
   Juicy family feuds are the desserts for tabloids. They are always looking out for an opportunity to grab at any succession feud within wealthy families. A scandal is all they want. A scandal is all the high-net-worth individuals wish badly to avoid.
   Choosing the heir is challenging. There are a lot of assets in question, and there may be disagreements within the family. The moment an outsider is made the successor of the business, there’s chaos. Discordant relationship between siblings? Chaos.
   And, amid all of this, the businesses suffer. That is why succession remains a sensitive issue even among those families with many assets to their name.

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