Ultrahigh net worth

As much as $16 trillion of global wealth may be wiped away this year as a result of volatility and economic fallout from the pandemic.

“The stocks that I hadn’t heard of three months ago all of a sudden are the most active — that’s not where investors go, that’s where traders might go or hobbyists might go,” says a private wealth advisor at UBS.

About 6% of the country’s family offices have more than $5 billion of assets under management, while roughly a third control $500 million or less.

Nicole Pullen Ross also heads an initiative to handle wealth management for athletes and entertainers.

The firm plans to reshape how it lends to billionaire clients, especially loans that are backed by hard-to-sell assets.

The wealthiest clients require teams of professionals leveraging the highest touch service with a global reach, Markus Lammer, COO of Credit Suisse’s UHNW business in the U.S., explains in an episode of Financial Planning’s Invest Podcast.

Deposits increased by almost $30 billion in March alone, with clients shifting out of equities and into cash.

The firm sees "light at the end of the tunnel," says Silvia Ardagna, managing director in the investment strategy group within the firm's private wealth management unit.

The biggest challenge for serving ultrahigh-net-worth clients in the future will be grasping and attending to their specific needs, consultant Jamie McLaughlin says in an episode of Financial Planning’s Invest Podcast.

The rout in Asian equity markets this year has not been for the faint-hearted.