How to Make Money In Wealth ManagementHow to Make Money In Wealth Management
The wealth management industry has become the darling of the media, with headlines flashing Wall Street Fights Over the Rich and How to Bank Like a Billionaire. Though the trade has quietly been around for more than 150 years, all the media hype suggests a new trend is emerging. The industry is at an inflection point. A wave of behemoth financial services players looking to serve the rich are setting
August 1, 2004
Elizabeth Bloomer Nesvold, managing director, Berkshire Capital Securities LLC, New York
The wealth management industry has become the darling of the media, with headlines flashing “Wall Street Fights Over the Rich” and “How to Bank Like a Billionaire.” Though the trade has quietly been around for more than 150 years, all the media hype suggests a new trend is emerging.
The industry is at an inflection point. A wave of behemoth financial services players looking to serve the rich are setting up de novo ultra wealth management practices and gobbling up teams through “lift outs.”1 A number of boutiques have opened their doors in the past few years, including Quintile Wealth Management, Spruce Private Investors and Stillpoint Advisors. Additi...
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