Photo: AP Images
Abbot Downing is Wells Fargo’s brand new wealth management unit, which caters to clients with over $50 million in investable assets. Among other things, the firm offers psychologists to assist with the wealth management process.We visited Abbot Downing’s website and came across some fascinating literature that offered an indirect glimpse into the problems faced by the ultra-rich.
We were particularly interested in one white paper titled “Should We Have A Family Meeting?” These are the meetings rich people have to discuss what they’ll do with their piles and piles of money.
Abbot Downing’s brochure answers the “Why, What, Who, How, When and Where” of these meetings.
The “Where” answers are great. From Abbot Downing:
Parental homes or offices make less-than-ideal locations. Meeting at “the old homestead” may encourage family members to fall back into old patterns of behaviour, plus it may be intimidating to in-laws or to children less familiar with the location. Family homes and offices are also filled with everyday distractions, and there may not be room enough for everyone comfortably.
We can all relate to that. #thanksgiving
Unfortunately for 99 per cent of us, Abbot Downing offers alternatives that most of us can’t related to. They suggest using some of that pile of money as a sort of unifying experience when coming together.
Gathering family members at a resort, a rented home or a country club costs money that is well spent. Using the family’s resources for a meeting sends an important message to the family. It says, “We are here not just to grow the money but to grow ourselves, to grow together.” Using some of the family’s wealth for meeting together demonstrates the family’s commitment to building its governance, memories and leadership.
Abbot Downing doesn’t leave out the details. If you’re going to discuss how to deal with your piles of money at a hotel, club, or resort, make sure you get your privacy.
…Hotel staff should be kept from the meeting rooms except during meals.
Clubs or resorts should also not display placards with the family’s name on it if revealing it would attract public attention. Larger families may also need to allow for meetings specific to individual branches. Each branch should have private areas to discuss their own affairs while also enjoying the larger space where everyone can come together.
Here’s some more tips that we clipped from Abbot Downing’s brochure:
Photo: Abbot Downing
Having a lot of money seems like a big headache. The more you read about the services offered by Abbot Downing, the more you’ll be glad that you didn’t win Friday’s Mega Millions lottery.