Being Rich Now Apparently Is Harder Than Ever
The Wall Street Journal Wealth Report Blog is reporting that the new thing to do if you're mega wealthy is to have a "family office" to manage your investments, real estate, charitable giving, and travel. I can't speak from experience, because I'm unfortunately no where near the $100 million dollar mark the article states is the sweet spot for this type of arrangement.
But, aside from the cachet that having an "office" full of people who report to your every whim and desire -- does having a family office really offer much? Sounds like this arrangement just brings all the people that average folks already use and brings them in house. Normal people have accountants, attorneys, bankers, financial planners... and sometimes trust officers or assistants/secretaries. Anyways, I thought the article was interesting and wanted to pass it on, you can read the entire story over at the WSJ Wealth Blog.
Photo Credit: risastla @ flickr
