If you have the CFA, what would be the next best cert for Private Wealth or UHNW? CPWA?

To clarify my comment above, I see the UHNW crowd as those having access to concierge financial services. For example, on the low end I’d put JPM Private Bank. Last I checked their minimum was $5mm in investable assets so that’s where I pulled that amount from. Then you have Morgan Stanley/Graystone Consulting and UBS’ private bank. I don’t recall their minimums but I think it’s more in the $10-15mm range.

What I would consider truly UHNW would be those that qualify for (multi) family office services. Just about anyone can call themselves a family office so there’s no standard minimum, but generally I see $50mm as the minimum to get in the door. Other family offices, especially those focusing on fewer families, require much higher minimums. One of my friends’ family uses one and their minimum was $500mm. That’s solidly UHNW, I’d say.

i think thats a proper way to do it. he’ll make money the old fashioned way. by receiving an inheritance. at the end of the day. all our hard work will be for our children. its kind of funny. we work hard so our future kids can be rich shitholes. my buddy actually just finished his music vid. lol im thinking of whether i should post it. its pretty shitty imo. lol with his gf in lingerie and a bikini doing stripper things.

also on investable assets. that measure is used on how much assets the clients have where we can charge money. whats interesting i’ve seen a new advisor model where they charge as a percent of net worth. something like 10 or 25 bps and its all inclusive. pretty interesting.

Nery, please post link. Tanks.

hey Nerdy, “10 or 20 bps all inclusive”…Where is this at?

I’m with US Trust and every year, I have a nice sit down talk with them to go over all fixed and variable fees they charge me. Of course, it irritates my advisor that most of my assets are in index funds and very small amount in MLP.

http://www.investmentnews.com/article/20170321/FREE/170329990/rias-make-the-case-for-charging-on-a-clients-total-net-worth

why do you pay them? you can do it urself no?

whats their added value?

^Wow, that guy is hacksaw. $120mm on total “net worth” and charging 1.4%? Plus an up-front $2,200 evaluation fee? That’s one of the worst RIA models I’ve seen.

The investing part, Yes, I can do it myself through TD or whatever - just jam em into a few index funds and hold. This is what they’re doing at US Trust although they’re not thrilled with it. They want my money in their fat fee charging SMA and other active and discretionary portfolios.

To answer your question as to WHY, for trust and estate planning and family office services aka concierge services. Plus I get several K-1s from MLP holdings and from my previous fund I’ve worked at…All these go straight to US Trust and they reconcile and then contact my CPA directly every year. And every year, I file extensions because these K-1s never arrive on time for the April tax deadline. I just don’t want to deal with that nonsense…

Plus, I come from equity research world not asset mgmt, estate planning world. Leave it to the pros and don’t be cheap but be frugal…is my motto.

OP: do the CFP then the TEP.

Yeah you know me!

#NaughtyByNature