Is Wall Street Abandoning Main Street? 2003-12-01Is Wall Street Abandoning Main Street? 2003-12-01
Nary a day passes without some brokerage firm or another announcing an initiative aimed at attracting wealthy customers. With their new private wealth management groups, more sophisticated money management offerings, alternative investments or strategies, the major Wall Street firms exhibit all the signs of obsession with big-game hunting. Of course, they're chasing a relatively rare breed: the richest
December 1, 2003
David A. Gaffen
Nary a day passes without some brokerage firm or another announcing an initiative aimed at attracting wealthy customers. With their new private wealth management groups, more sophisticated money management offerings, alternative investments or “segmentation” strategies, the major Wall Street firms exhibit all the signs of obsession with big-game hunting. Of course, they're chasing a relatively rare breed: the richest 10 percent of the U.S. population, with a median net worth of about $2.1 million, according to the Federal Reserve (assuming half those assets are investable, that's the vaunted million-dollar client).
Obviously, everyone yearns for these trophy clients — that's where the money is. But the dogged nature of the ...
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