Thursday, December 02, 2004

The investment club you can't get into

The investment club you can't get into: "Wealthy families are discovering a new source of financial advice: each other.
One of the hottest corners of the wealth-management business is 'peering' -- where organizations charge wealthy families to meet other wealthy families. The idea is for families -- tired of the hard-sell from wealth-management firms and private banks -- to band together in formal peer groups to swap ideas and advice.
Those who join can get first-hand recommendations on such things as finding hedge funds to hiring private-jet pilots and preparing kids for their inheritance. They can also make investments together and get group discounts from money managers, banks and even travel companies. "

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