Where does the lowly millionaire with wealth in the 1 – 5 million dollar range go for help with wealth management, peer level interaction and education on wealth topics?
If you have 30 million or so to toss around, you can join the Institute for Private Investors.
They have an online forum, meet ups around the globe, special training programs and seminars just for you and your financial peers.
If you have a few billion or so, you can form your own family office. Then you could use the Family Wealth Alliance for consultations!
But, what if you are struggling along on an investible net worth of between one and five million? How do you meet your monetary peers, find out about valuable training/education programs for you and your next generation and hear about incredible investments you could be making?
Partial solutions to help the poor millionaires do exist.
Run by Spectrum the Millionaire Corner reports on research polls and surveys and feeds back the result to site visitors.
The folks over on the Inheritance Project site try to give us all a glimpse into the world of wealth.
I am one percent.
This blog offers personal finance tips to be a one percenter from a one percenter.
The FamilyMoneyValues site (ours by the way) was actually started to help families of this wealth level explore the new issues/challenges and opportunities their wealth can bring – to help families maintain and build wealth for generations by helping them learn about wealth issues; wealth transfer tools; family structures to consider; and family and business governance concerns.
What kind of organization would be helpful?
If you had 1 – 5 million dollars in investment ready assets, would you be interested in a way to network with others that also do?
I envision an organization that would have the following characteristics:
Neutrality – I’m not joining an organization to make it easy for financial advisers to sell me stuff!
Vetting – I would want a trustworthy organization to make sure that individuals and families that join truly are my peers and aren’t there just to make sales or get clients.
Community – I would want an active online forum, moderated, that has news and information and discussion on topics pertinent to this wealth level.
Education – I would want online training, webinars, real life seminars, camps and other educational venues to provide training for myself, my family and my heirs on many different topics related to wealth. These would include but not be limited to: basic personal finance training for next gen, portfolio allocation and it’s management; alternative assets; international investing; topics about family businesses and their problems; estate planning and discussion; family organizations and meetings; and so on and so forth. They would be similar to some of the wealth education offered to the ultra rich – such as the Wharton Private Wealth Management Program.
Networking – I would want meet ups (online and in person) where mentors and mentees could exchange information and news, where elders and newbees from different families could gather and discuss generational issues, where (occasionally) service providers could come and make their pitch to multiple members).
Readers, do you know of any such organization? Would you utilize one if it existed?