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Old 10-28-2015, 12:29 PM   #21
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The article implied that "wealth management" was some sort of nefarious secret society. Really, my experience is that they are mostly just financial planners trying to get 1% of your portfolio by putting you into some standard asset allocation. I agree that much can be done to close offshore tax havens but this article is wealth envy at its finest.
If we're talking 30+ milllion it's not about financial planning alone, but much more.

It's about tax planning, estate planning, getting your boat financed creatively, structuring ownership (look at IKEA for instance), coaching in how to setup efficient trusts, enabling access (to get electricity near your private island), support in finding a successor CEO discreetly for your family business, right up to arranging kidnapping prevention measures and such.
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Old 10-28-2015, 12:33 PM   #22
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People whine about the rich "not paying their fair share", but then the government ends up creating the very means that enables them to do it!
Like the welfare system at the other end of the spectrum, it is intentionally designed to encourage "creativity".

But the low-information crowd laps it up.
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Old 10-28-2015, 12:35 PM   #23
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Originally Posted by Totoro View Post
If we're talking 30+ milllion it's not about financial planning alone, but much more.

It's about tax planning, estate planning, getting your boat financed creatively, structuring ownership (look at IKEA for instance), coaching in how to setup efficient trusts, enabling access (to get electricity near your private island), support in finding a successor CEO discreetly for your family business, right up to arranging kidnapping prevention measures and such.
....and, (as my granddad used to say) cheap at twice the price!
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Old 10-28-2015, 12:43 PM   #24
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If we're talking 30+ milllion it's not about financial planning alone, but much more.

It's about tax planning, estate planning, getting your boat financed creatively, structuring ownership (look at IKEA for instance), coaching in how to setup efficient trusts, enabling access (to get electricity near your private island), support in finding a successor CEO discreetly for your family business, right up to arranging kidnapping prevention measures and such.
Yes, I understand this but the article used the generic term "wealth management". Every bank in the world has a wealth management business, but very few do the kinds of things you mention, other than in the tax havens of course. I would also submit that $30 million is a low cut off for the kinds of things you mention. Maybe $100 million more like it. I suspect that many $30millionaires don't do any of the stuff you mention.
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Old 10-28-2015, 12:45 PM   #25
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I would also submit that $30 million is a low cut off for the kinds of things you mention. Maybe $100 million more like it. I suspect that many $30millionaires don't do any of the stuff you mention.
ummmm....I think they do.
If they don't, they should. I suspect the multi-generational wealth crowd might be more inclined.
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Old 10-28-2015, 01:31 PM   #26
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Thanks, everyone! It looks like we've exhausted the in-depth exploration of wealth management strategies for high net worth individuals.

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