With more complex financial portfolios creeping into their lives, rich investors are actually hiring advisers to advise their advisers, Dow Jones reports.
Because 7.7 million individuals in the world possess more than $1 million in assets and the group of investors with more than $30 million in assets is growing even more rapidly, many of these investors are hiring managing advisers.
Stacey Haefele, an executive vice president of the New York research firm HNW Inc., said, "The more money you have, the more advisers you are likely to have." Her reasoning is that people want so much that one person is not enough to handle it.
It is typical for people with $5 million or more to have three or more advisers, and those who have between $25 million and $75 million may take it even one step further, hiring what is called a "chief wealth advisor."