By Bruce Alexander
According to a survey of high net worth individuals (over $500K) personal security is a primary concerns. In a survey conducted by Prince & Associates, concerns about being victimized by acts of violence grew as levels of wealth grew.
These survey results are hardly surprising since these high net worth individuals represent far more attractive targets for criminals than the less wealth. However the more wealthy have the ability to take the necessary precautions to avoid becoming victims of crimes. This makes them far less susceptible to becoming victims of petty crime since they can afford to live an insular lifestyle. Unfortunately it doesn’t stop there.
Unfortunately this also means that they will likely face a much more determined criminal who has planned, and prepared for a criminal attack since their access to the high net worth individual is going to be far less than the less wealthy.
For the Executive Protection specialist, an awareness of this concern should help to understand what’s important to the high net worth protectee and enable you to respond to those concerns. From another perspective, it also points to employment and business opportunities for those Executive Protection specialists who provide protective services to the high net worth community. But be forewarned.
These individuals did not get this way by throwing their money away. Just because they can afford more doesn’t mean they will spend more or spend recklessly. Indeed, my experience is that high net worth individuals expect a certain level of performance and tend to be less forgiving when you don’t provide it.
Conversely don’t expect to have many “do-overs,” since there is no shortage of service providers for the higher end of the income spectrum. As with anything, your reward will be proportional to the level of service you provide.
Another great article Bruce, hopefully there are some sports agents that read your blog. This is certainly vital information that their clients could use.