Five Common Mistakes High-Net-Worth Clients Make

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When it comes to advising high-net-worth clients, financial advisors have a lot at stake. That’s especially true when it comes to helping clients steer clear of common mistakes and pitfalls.

“Addressing common client mistakes looks different with high-net-worth clients because the impacts of mistakes are magnified,” says Craig Toberman, certified financial planner and founder of Toberman Wealth. “With a high-net-worth investor, seemingly small mistakes have the tendency to compound over time, resulting in large potential losses in realized wealth.”

To understand the common mistakes high-net-worth individuals make and how to address them, I spoke to experts in the field. Read on for their insights.