Here's the Great Wealth Transfer the Registered Investment Advisors have been waiting for. But they aren't going to get to turn this worthless client wealth into valuable fee income.
Shoulda set-up the multi-family Family Office a decade ago.*
From CNN, November 30:
Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since UBS started tracking the fortunes of the world’s richest almost a decade ago.
And billionaire heirs are more likely than their parents to focus on the major opportunities and challenges facing the global economy, investing in sectors such as clean energy and artificial intelligence, the Swiss lender said in a report Thursday.
“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters.
“This is a theme we expect to see more of over the next 20 years as more than 1,000 billionaires pass an estimated $5.2 trillion to their children.”
UBS (UBS), which counts half the world’s billionaires as clients, found that $150.8 billion was inherited by 53 heirs over the 12 months to April, exceeding the $140.7 billion accumulated by 84 new self-made billionaires over that period....
....MUCH MORE
*Although it is very late in the game to get going, if a finance gal or guy was a power networker at the highest levels,they might still have a chance of catching that lusted-after money-in-motion:
"Family Offices as the Apex Of the New Butler Class"
June 2019
"Superyachts, Mixing Drinks: The Truth About Family Office Jobs"
March 2014
Family Office/Outside Managers Not Quite Cutting It? Maybe What You Need Is A Family Bank
Related:
Competitive Intelligence Macquarie Style: First Establish a Fake Family Office...
Foreign Family Offices Are Opening U.S. Branches
Family Office Assets-Under-Management League Table
UPDATED--Wha? "Family Offices Look to Invest More Than $30 Billion in Hedge Funds in Next Year"
Family Offices Showing Greater Appetite for Agriculture/Farmland Than Institutions
Sidestepping Private Equity With a Family Office
Not quite there yet?:
Proctor & Gamble: "Make Your Home Smell Like You’re Rich" (PG)
