At that level they pay substantially less than 1%, and they may be getting more than just "managing" the assets....
There are a lot of very wealthy, very intelligent people (even in the financial field) who hire AUM advisors and are doing just fine. I would go so far as to bet that a large majority of high income, high net worth people use AUM financial advisors. I personally know many people who fit this bill. Look at all of the UHNW people who are paying massive fees to firms like Goldman, Morgan Stanley, Merrill, JPM to manage their money. Many of them are very savvy business people, but still want someone else to manage their money.
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Statistics: Posted by bsteiner — Fri Aug 30, 2024 8:17 am