Millionaire's Club
Is it a bad decision to congratulate your client on surpassing the Million dollar mark? By congratulate, I don't mean balloons and cake, I mean a formal letter. A letter that recognizes their accomplishments and willpower to save so diligently. Any advice?
depends, do they see this as their "number?" Or, do YOU see this as a milestone? we had a similar situation a few years back, a client wanted to get to 5mm, not for any calculated reason (like this is the number he needs for spending/lifestyle), but because he just felt like he wanted to be worth 5mm. when he passed it, we called him, congratulated, and asked how he felt. he said we need to move the target higher.
I think a letter is nice, but a phone call is fine as well, could be a good opportunity to revisit their goals. if their asset level was truly the result of diligent savings, recognize that for sure, but don't belittle yourself either, I'm sure prudent investment advice helped as well.
Phone call. Good advice from @"thebrofessor"
Edit: Didn't mean to post this comment as a reply.
Why not. Make sure you send a copy of your letter to the IRS as well. Plus in this day and age, depending where you live, one million USD can be pretty much middle class.
Facilis ut sit corporis recusandae. Id officiis rerum eligendi dignissimos non quia repellendus. Inventore sit aut unde maxime debitis animi asperiores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...