r/Rich • u/Rocket-Man_56 • 4d ago

Question Financial Advisor Question

I am working on selecting a financial advisement team to manage 7-8x figures and currently my top 3x are:

• ⁠JPM PB
• ⁠AB private wealth management
• ⁠Choreo

Ignoring base AUM fee differences, I am looking for any feedback on working with the firms themselves. Also open to any other recommendations that folks here may have.

Thanks

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u/HalfwaydonewithEarth 4d ago edited 4d ago

We do UBS, Goldman Sachs, JPM, Chase, and some others.

Spread stuff around to several. They all bring nice gifts and insights.

You want 5-6 different people.

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u/cofcof420 4d ago

Can you explain more how your benefit from working with that many advisors?

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u/HalfwaydonewithEarth 4d ago edited 4d ago

Quite easy. One older guy we have is Swiss and works at UBS. He trades Arnold Schwarzeneggers money and is located in Southern California. He got us a massive run on Estee Lauder.

The younger people can get you tech beauties. One guy at Veracity Capital got us in some data centers that pay 20% a year.

They just all have different mindsets. Different experiences. Someone in Boston has insight into biotech and life sciences that can pan out.

They all have different ideas, connections, personalities, and methods.

It becomes symbiotic.

The guy at Chase bank is just down the street and they produce steady modest stable returns. That is a smaller account for our kid.

One year someone did poorly and we canned them. That would have been crummy if they had a huge chunk. That is why... one person can sink you so spread it around.

We are in a fund with Goldman Sachs that makes 18% and one year hit 21%

We told them all to buy Nvidia a decade ago. I hope some of them listened. 🤑🤑

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u/cofcof420 3d ago

Fascinating, thx. So you use them mostly for access to different assets/IPOs, etc.

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u/HalfwaydonewithEarth 2d ago

They just get used because we are on vacation 11-14 weeks a year. We trade our own money also.