Ultrahigh-net-worth investors can have complex needs. That's why Abbot Downing, Wells Fargo's group serving investors with $50 million or more, has family historians and psychologists on staff.
The industry has largely moved to a team model, but some advisors may finish out their careers as 'bachelors,' says John Taft, CEO of RBC's U.S. wealth management division.
Leverage can work both ways, magnifying gains or magnifying losses. Morningstar analyst Mike Taggart says it's important to know just how much leverage your closed-end fund may contain.