(CNBC) — It seems so long ago. But in 2009, many of the wealthy were stunned to find themselves in a cash crunch. Despite all the talk of cash cushions and risk management, many of the wealthy suddenly realized that they had overborrowed, overspent and overconcentrated on a single asset or industry.

We had suddenly entered the new age of the High-Beta Rich, where the wealth was volatile and far more cash was needed to absorb the shocks of financial markets.

Four years later, the lesson still holds.

A study from Spectrem Group asked wealthy and affluent investors “what do you wish you had done differently in the crisis.”

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