Exclusive insights into how high-earners think, invest, and build wealth.
Welcome to The Smart Portfolio, where each week, we share ultra-wealthy strategies, high-earner survey data, and real investment case studies.
Link to Survey (at the top-left, toggle from “Show All Pages” to “Page 1” in order to see the results)
What high-earners really want from financial advisors
Two-thirds of high earners who aren’t rich yet (aka “HENRYs”: high-earners, not rich yet) manage their own investments, yet only ~60% feel confident about their strategy.
We surveyed 100 US-based HENRYs (30-50 years old, $200K+ household income) to understand what they actually think about money and financial advice.
Hit reply if you'd like a copy of the full survey report.
The Confidence Paradox
65% of high earners manage their investments entirely by themselves.
58% are just above average in their confidence level about their investment portfolio and strategy. And 20% rate their confidence at only 1 or 2 (out of 5), meaning one in five high earners feels lost despite managing significant portfolios.
For Advisors: The opportunity isn't convincing them they need help – they already know they do. It's showing them how you can deliver value so your fees aren’t a drag to their portfolio performance.
For HENRYs: You're not alone in feeling uncertain. Higher income doesn't automatically translate to investment expertise and confidence.
What High-Earners Actually Want from Advisors
When we asked high earners how advisors should add value, here's what topped the list:
#1: Build low-cost, diversified portfolios (64%) Translation: I don’t know what risk is embedded in my investment portfolio. Can you help me avoid unnecessary risks? It boils down to doing the basics perfectly, don't get fancy. In fact, based on follow-up questions, true diversification is the most top-of-mind topic for them!
#2: Tax reduction strategies (54%) Translation: Help me keep more of what I earn. However, a follow-up question revealed that taxes don’t rank high on ‘biggest financial fears’. Taxes are taken for granted and high-earners don’t worry about them BUT they’d love smart ways to minimize their tax bill. They have the FOMO question: “What are the ultra wealthy doing to minimize their taxes?”
#3: Behavioral coaching during market swings (43%) Translation: I know I’m not a good trader because I’ve already fallen in the trap of buying high and selling low. Stop me from making emotional mistakes! Time in the market works better than timing the market.
What ranked lowest?
Alternative investments (24%)
Estate planning (23%)
Proactive education (23%)
The Reality Check: High earners don't want complexity – this will come with time but first they want excellence in fundamentals. The 65% managing their own money aren't anti-advisor; they just haven't found one focused on what they value.
The Fee Sensitivity Truth
What would make high earners fire their advisor?
#1: Fees feel too high for value received (33%)
#2: Poor performance vs benchmarks (26%)
#3: Slow communication/responsiveness (23%)
High earners are sophisticated benchmarkers comparing advisor performance to low-cost index funds. They're not just fee-sensitive – they're value-for-fee sensitive.
This aligns with the findings from Vanguard’s “Advisor’s Alpha” report: Vanguard's 25-year research shows advisors following evidence-based practices can add up to 3% in net returns annually – meaning a 1% advisory fee could still result in 2% net value-add over self-managing.
The math works when advisors focus on what HENRYs actually want:
portfolio optimization (up to 100 basis points),
tax strategies (up to 150+ basis points), and
behavioral coaching (up to 200+ basis points).
The problem isn't that HENRYs won't pay fees – it's that most advisors can't clearly articulate and deliver measurable value in the areas that matter most.
For Advisors: The fee conversation needs to happen upfront, with clear value justification. "You get what you pay for" doesn't work with this demographic. How do you demonstrate that you can add value?
Their Biggest Financial Fears
Top concerns keeping high earners up at night:
Investment performance (31%) - Despite (or perhaps, because of) self-managing, they worry about returns
Job security (27%) - They understand high income isn't guaranteed, and they’re particularly concerned in this market…
Market volatility (17%) - Sophisticated enough to fear what they can't control
The Strategic Implications
For Financial Advisors:
Lead with portfolio optimization and performance, not estate planning
Be radically transparent about fees and benchmark your results
Focus on the $200K-$500K segment—they show the lowest sophistication and confidence scores in their investment portfolio
Position behavioral coaching as a core service, not a nice-to-have
For High Earners:
Your focus on net worth growth is exactly right for this life stage
To get over the hump of “am I getting what I pay for?” look for fee-only advisors who can explain and demonstrate how they can add to your net worth over time
Don't feel pressured into complex strategies – getting the basics right matters
Poll
What Content Do You Want More Of? (reply to see the results immediately)
- Educational strategies from the ultra-wealthy (like "The Billionaire Playbook: How the Ultra-Wealthy Make More, Save More, and Transfer Tax-Free")
- Survey data and insights from high earners like you (what 100+ HENRYs are actually doing with their money)
- Behind-the-scenes personal investment case studies (like "I bought $100K of Bitcoin miners - was it worth it?")
- Equal mix of all three - don't change anything
Disclaimer
This newsletter is for informational and educational purposes only and should not be construed as personalized financial, tax, legal, or investment advice. The strategies and opinions discussed may not be suitable for your individual circumstances. Always consult a qualified financial advisor, tax professional, or attorney before making any decisions that could affect your finances. While we strive for accuracy, we make no representations or warranties about the completeness or reliability of the information provided. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. The publisher, authors, and affiliated parties expressly disclaim any liability for actions taken or not taken based on the contents of this publication.