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Importance or Help of Ivy League Degree

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May 8, 2007 7:55 pm

[quote=GS_PWM] Goldman’s account minimum is $10million, although they
are trying to get more in the $2-$5mill market, simply because it is
silly to ignore them.  The minimum is not due to an eliteism, but
is because it really takes that much money to  access to some of
the best products and platforms that Goldman and the External managers
offer.    Anyway, sorry if this post is too long and not
informative enough, I just thought I would contribute a little. [/quote]



It also has to do with the fact that as people get wealthier  they
tend to get less sensitive to issues of fund expenses and performance.




May 8, 2007 8:21 pm


It also has to do with the fact that as people get wealthier  they tend to get less sensitive to issues of fund expenses and performance.


[/quote]

Actually, I have found the opposite to be true, people are more sensitive about fees, because 2% is very different when applied to $20mill, than when applied to $100k.  Performance is important too--People with >$10mill to invest are more concerned with preservation and potential income, so performance and fees are very important to all of my clients.  Goldman's size let's us be creative on fees and our Investment Strategy Group is great at tactical allocations (we usually use externals for strategic allocations) so, we are able to really manage the performance of the portfolios we manage. 

Tax sensistivity (turnover) are also major concerns of ultra high net worth individuals.  Not so much to foundations and family groups because their structure is already tax managed. 


My clients are typically very market savy, they want to discuss metrics and they are usually pretty clued in to what is available, but just do not have the time/ desire to manage it themselves.

May 8, 2007 9:49 pm

It also has to do with the fact that as people get wealthier they tend to get less sensitive to issues of fund expenses and performance. "

Yeah... Wealthy people, as they build more wealth, really could care less about the fees they pay....

Another "accurate" comment from the resident indexing academic....

May 8, 2007 10:37 pm

[quote=blarmston]

It also has to do with the fact that as people get
wealthier they tend to get less sensitive to issues of fund
expenses and performance. "

Yeah... Wealthy people, as they build more wealth, really could care less about the fees they pay....[/quote]

I don't complain about it.

May 9, 2007 3:45 am

Just did a speech in front of a few hundred people… Got a great welcome and a warm introduction… It included he completed his Masters in Business Administration…



I think the degree means as much as anything else. If the person has their bullets in line then “x” degree can help. If the person is a dumb as., who thinks their degree grants them royalty then it does nothing for them. There must be a million 4 year graduates this year. Half will end up making 10 dollers an hour out of college.



The MBA will most likely help most down the road. After a few years of experience they will have the opportunity to move up.