the.com/wealth management
paying someone 1% a year to tell you not to sell during a crash.
means a bundled service of investment advice, tax planning, and estate strategy for people who have enough money to need help hiding it, growing it, or passing it on.
from grew out of private banking for european aristocracy, went mass-market in the 1980s when brokerages realized rich americans wanted a single person to handle everything, not just pick stocks.
typical feeabout 1 percent of assets, yearly, forever
entry pointmany firms want $1 million minimum
industry sizetens of trillions of dollars managed globally
real valueoften just behavioral coaching, not stock picking
for instance
ubs global wealth — world's largest wealth manager by assets, based in zurich
family offices — private firms like rockefeller's that manage one dynasty's money only
robo-advisors — betterment and wealthfront undercut human advisors with algorithms since 2008