One of the most crucial mistakes wealth managers make in their marketing -- and, even more fundamentally, in their practice -- is targeting clients and prospects solely on the basis of net worth or investable assets. I often hear, “Our sweet spot is individuals with between $1 million and $5 million in investable assets.”

It is generally true -- and I do mean generally-- that individuals with levels of wealth in common share similar needs. Targeting them based on what essentially amounts to what they have to invest is a fine place to start, but it’s a terrible place to stop.

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