Distrust and caution are the parents of security. – Benjamin Franklin
Data Points measures skepticism in relationship to one’s overall Wealth Potential™: it is positively related to net worth regardless of age, income and percentage of wealth inherited. So, those who have the greatest potential for accumulating wealth are also those who will most likely question everything with respect to how they (or you) manage and invest money.
In one of our latest studies, within a sample of high net worth individuals (net worth between $1 million and $3 million), over 40% were highly skeptical of others, report that they easily understand the motives of others (including advisors), and thoroughly investigate their business partners and professional advisors.
Attempts to target the affluent typically ignore these important within-group differences. That is, financial services institutions and advisory firms ignore the individual differences (variation) in behaviors and experiences within each group, and, thus, may be doomed to fail using a “one-size-fits-all” approach.