Aquilance, a leading provider of financial administration services for high-net-worth families, individuals, and family offices, has been selected as a winner in the 'Bill Pay' category at the Tenth Annual Family Wealth Report Awards 2023 program.
In some cases, families have remained wealthy for generations and have successfully been able to transfer their assets to children and grandchildren, who then carry the torch.
Many ultra-high-net-worth individuals and families take great pains to surround themselves with top-tier registered investment advisors, certified public accountants, tax attorneys and other advisors that range from prominent art dealers to high-end insurance agents.
You may have heard of the third-generation curse, which causes 90% of wealthy families to lose their money by the third generation. But some individuals manage to deplete their wealth even sooner, especially if they came into a lot of money quickly.
It’s not unusual for Joe Farren and his team of financial experts to occasionally come across clients who have suddenly inherited a windfall and are not equipped to manage the influx of money.
It's a dilemma almost every high net worth financial advisor has faced — being blindsided by a client's big-ticket purchase so large that it limits their investable funds.
Many of the fortunes forged during the pandemic have long since crumbled. Yet a $95 billion boom among a small group of wealthy shipping tycoons has prevailed, spurring a mad dash to invest and diversify even as they face a comeuppance.
Although the amount of money millennials are set to inherit from their baby boomer parents over the next decade is measured in the trillions of dollars, many individual millennials probably will inherit less than they are anticipating, according to a money manager for wealthy families.