Crestline Private Advisory

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Good News: You Might be Richer than You Think

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May 2025

Quick - define "rich." What comes to mind?

The 1994 movie "Blank Check" framed it this way: the wealthy commute in limousines. "Lifestyles of the Rich and Famous" made it all about consumption—champagne and caviar, please. Meanwhile, the bestselling book "The Millionaire Next Door" underlined the frugality that defines many secretly wealthy Americans.

Clearly, the answers vary. But none come close to answering the bigger question on the minds of many diligent Americans: am I rich?

According to Dictionary.com, to be rich is to have "wealth or great possessions; abundantly supplied with resources, means, or funds; wealthy."

Yet there's a distinction between being a "high earner" and being "wealthy." And the numbers required to rank in either are pretty stark. According to Bankrate, earning the distinction of a top 10% earner requires $183,000 in income, while top 10% wealth comes with a $4.7 million nest egg.

While no one is claiming that the same households earning $183,000 per year are amassing $4.7 million in wealth, there's a lesson buried in the data: attaining wealth isn't just about how much you earn. Often, it's about how well you steward.

When choosing a wingman on the road to riches, choose wisely

Not all financial advisors are alike. While many can claim to be proficient with investments, the word to look for when searching for a pro is "fiduciary." A fiduciary is a subset of financial advisors who carry a legal obligation to act in the best interest of each client - even over commissions and quotas.

What to do: Ask your advisor about their specialties and ensure they have experience in the areas where you need the most help. Your advisor should be a good match for your unique financial situation.

Secure a qualified fiduciary today

A short quiz could help you identify a licensed fiduciary who specializes in the instruments or strategies most relevant to you. Answer three short questions to begin your search for a licensed financial advisor today. Who knows: the label "rich" could apply to you sooner than you think.

Take our free retirement quiz to get matched with a vetted financial advisor who can help you transition to a smarter investment strategy.

Visit crestlineprivateadvisory.com to browse local financial advisors with high ratings and dozens of client reviews.

The danger of ‘do-it-yourself’?

While many successful people are knowledgeable in their own careers, not all types of knowledge translate to investment acumen.

For example, many people can, in theory, cut their own hair. But almost everyone goes to a skilled barber or hairstylist instead.

Investments are the same. Although many people can manage their own investments, almost everyone with a healthy portfolio enlists the help of a financial advisor.

Just like a bad haircut, there are real consequences to a do-it-yourself approach, especially considering how tumultuous the 2020s have been for the market so far.

“It is much more expensive to make a mistake than the price you pay to have money properly managed,” said Winnie Sun, president and founder of California-based Sun Group Wealth Partners (CNBC).

Even if you’ve had success with do-it-yourself investing so far, it doesn’t hurt to schedule a free consultation with a financial advisor to see if there are any serious risks in your investment strategy.

To save some time calling around, use this form to connect with financial advisors in your area who specialize in your goals and portfolio size.

As uncertainty grows, financial advising becomes more popular

As Americans turn to safer investment vehicles to grow their portfolios during uncertain times, getting help from a financial advisor is becoming more and more popular.

The field is expected to grow 13% in the next decade, far outpacing other financial sectors.

“Finding a financial advisor isn’t something you can be pushed to do,” said Sun (CNBC).

“You’ll know when the time is right.”

To see what’s out there, visit FinancialAdvisor.net and type in your zip code to see ratings and reviews from local financial advisors.

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Financial needs change over time, and we want to provide the best advice for your stage of life. Our services are available to those 18 and older.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

This is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). This is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through this may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

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