Data collection is underway for a follow up study on wealth in America, the first reported by my father, Thomas J. Stanley, in The Millionaire Next Door. In addition to examining some of the timeless areas such as asset allocation and automobiles, we have included new fields of study, particularly in behavioral finance. Quick anecdote: one of the more animated discussions I had with my father as we crafted the survey was whether we should include “jeans” as a category for spending.
The application of his work to the assessment to the assessment of client wealth potential continues. Data Points, for which my father served as chief advisor from 2013-2015, will be releasing its beta Building Wealth Assessment™ (a.k.a., The Millionaire Next Door Test™) for individuals and advisors in beta form later this summer. Please sign up here to receive updates on our assessment and reporting products.
The outpouring of tributes to my father and his work after his untimely death has been overwhelming. Please see Nick Murray’s kind review in Financial Advisor magazine. Many people have benefited from his research and his publications over the past 30 years. Therefore, as I mentioned previously, the research will continue.