The Dow Jones Wealth Management Advisory Council has launched its "High-Net-Worth Hurdles of 2006". The council, an industry group which ...

The Dow Jones Wealth Management Advisory Council has launched its "High-Net-Worth Hurdles of 2006".

The council, an industry group which promotes the wealth management industry, identified three challenges for HNWs for next year as: the alternative minimum tax; medicare and long-term care and the money-management skills of high-net-worth client's successor generation.

As for wealth managers will need to focus on community relations, marketing to new sectors and building professional communities and resource networks to ensure a successful 2006 according to the council.

According to Joe Montgomery, council member and director of investments at Wachovia Securities: "The AMT and Medicare will be tying managers and their clients in knots next year as they try to squeeze all the variables into the lowest cost strategy."

"Investors must continue viewing their financial strategies through the lens of their specific priorities versus raw performance. For example, there is the looming problem of their children's ability to responsibly manage money and inheritances,” he said.

Patricia Bell, council member and Merrill Lynch senior vice president said: \"Strengthening ties in your community by joining charitable causes or neighbourhood organizations is one of the best ways to attract clients and build loyalty. Learning more about the community also opens doors to overlooked slices of the market, such as women and minorities, which are growing in economic power.”