Carey brings more than two decades of fintech experience in wealth management and banking, servicing individuals and their trusted advisors. Aquilance has announced the appointment of John Carey as CEO. Previously the Head of Consumer Experiences for Envestnet, Carey has built a successful career creating digital technology solutions that enhance the wealth management and financial administration industry.
Aquilance, a leading provider of financial administration services for high-net-worth families, individuals, and family offices, continues to gain recognition for its proprietary technology and white glove service. This year, the firm is proud to announce that it has once again been selected as a winner in the ‘Billpay’ category at the Annual Family Wealth Report Awards. Aquilance was also named a winner for Best Billpay Solution in 2023.
The Great Wealth Transfer could put more than $80 trillion in the hands of younger generations over the next two decades. But, for a variety of reasons, many baby boomers — especially the very wealthy — hesitate to pass their financial legacy onto their children.
Imagine being the reason that your college or university sells millions of dollars’ worth of tickets, merchandise, and swag. And then not seeing a dime of it. Until three years ago, you could only legally capitalize on your athletic abilities and brand if you played professionally -- but fewer than 5% of athletes actually make it to that level.
You might be surprised to discover that wealthy people tend to waste money in ways that are similar to the poor or middle class. When they are not mindful of their finances, according to the leaders at Aquilance, a personal financial administration firm that serves high net worth individuals, they can spend more than they should on everyday expenses.
High-net-worth individuals from Warren Buffett and Bill Gates to Mark Zuckerburg have publicly stated they don’t plan to leave an inheritance to their children.
After rises to interest rates and other changes to the financial landscape, ultra-wealthy individuals and family offices must rethink how they invest and spend. They need to look at the whole “balance sheet.”
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.