What High Achievers Should Be Doing Differently in Wealth Management
By: ABIGAIL MCCLOSKEY, CFP®, CLU® & MARTINA PFEUFFER, CFP®, CDFA®
Successful individuals with drive and ambition often approach wealth management with the same mindset that’s made them successful in their careers. If you fall into this goal-oriented, efficient cohort, you may think you know what you are looking for in financial planning, but it has evolved from investment management to in-depth, comprehensive planning. This planning often uncovers blind spots that even focused and goal-oriented professionals may miss.
After working with executives, entrepreneurs, physicians, attorneys, and other high-achievers for decades, we’ve identified the key differences in how this cohort approaches wealth management.
What high achievers already understand
Successful people are usually critical thinkers who can drill down to the nuts and bolts to make important decisions quickly. They understand what they want and articulate their needs well. They approach wealth management differently from others.
THEY HAVE CLEAR OBJECTIVES
When high achievers go into exploratory meetings with us, we find they already have an idea of what they are looking for – a mental checklist. They often know what’s important to them and what they want from an advisory relationship.
Advisors who check these boxes will likely be viewed positively and have a better chance of a successful client relationship:
- Do you handle comprehensive financial planning?
- Can you optimize my 401(k) and stock options?
- Do you coordinate with my CPA and attorney?
- Can you handle business succession planning?
TIME IS THEIR MOST VALUABLE ASSET
High achievers understand that their time is valuable. Whether they are building businesses, seeing patients, or practicing law, they know the dollar value for an hour of their time. They understand that working with a professional may have a cost associated with it, but there is also opportunity cost in doing it themselves. A physician earning $300 per hour who spends five hours working on a financial plan understands they have spent $1,500. It may also be 5 hours they could spend with friends or family for which there is no price tag.
The insights they don’t know they are missing
We’ve found that the real value in working with high achievers comes from addressing the sophisticated challenges they face but may not fully recognize. While highly successful in their own right, this group can have blind spots, and the strategies that work during their wealth accumulation phase can backfire during distribution.
RETIREMENT TAX COMPLEXITIES
Many people assume their tax rate will drop in the latter stages of life. The reality is often different due to various retirement income sources.
Consider someone who withdraws an extra $1,000 from their IRA in retirement. They expect to pay a 22% marginal tax rate, instead they find their tax bill went up a disproportionate amount. That’s because the extra withdrawal caused taxation on more of their Social Security benefit.
While high achievers often feel confident in their tax knowledge, it’s easy to miss the full implications of financial decisions just like this.
THE PIECE MOST HIGH ACHIEVERS MISS
In our experience, high achievers often think of financial planning in terms of investment management, college funding, and retirement savings. But there's a critical piece that often gets overlooked—risk management.
While you're focused on building wealth, we're focused on protecting it. We work to find the gaps you didn't know existed, and handle the details so you can focus on everything else.
For example, we keep our eye on your:
Disability and income protection – Your ability to earn is likely your most valuable asset. We ensure your coverage matches your current lifestyle and protects both personal and business interests.
Liability exposure – Personal injury claims, business disputes, and other risk factors can threaten everything you've built. We help limit your exposure before problems arise.
Life insurance strategy – Beyond basic coverage, life insurance becomes a strategic tool for estate liquidity, tax planning, and wealth transfer without forcing asset sales.
Business vulnerabilities – Key person dependencies, partnership disputes, and regulatory changes that could expose your business to unexpected costs and litigation.
Investment concentration risks – Company stock options, inflation impact on fixed income, and international exposure that could derail your long-term plans.
ASSET LOCATION, NOT JUST ALLOCATION
Most clients focus on asset allocation: am I holding the right asset mix for my timeline and goals? Asset location—which accounts hold which investments—is equally important for tax efficiency.
We’ve found that many high achievers unintentionally hold tax-inefficient investments in taxable accounts, while also overlooking opportunities like tax-loss harvesting, optimal Roth conversion timing, and strategic charitable giving that could significantly reduce their tax burden. As a client at Affinity, we help you handle all of those details, so you can focus on living your best life.
A strategic advantage for high achievers
Those who recognize their knowledge gaps and coordinate with the right professionals can gain a planning advantage, helping them move beyond basic wealth accumulation to sophisticated wealth optimization and preservation strategies.
The difference lies in working with advisors who understand your current success and the complex challenges ahead. You need tailored strategies based on your unique circumstances, risk tolerance, and long-term objectives.
Most importantly, you need professionals who work as a partner, who know you, and who are willing to ask the uncomfortable questions.
If you’re not currently a client of Affinity Wealth Management but recognize that you may benefit from guidance, we welcome the opportunity to connect. Our initial Connect Meeting is a meaningful conversation centered around your life, goals, and vision for the future. Learn more about the meeting and schedule yours here.
