Wells Fargo has joined US Bancorp in opening offices that are designed exclusively to appeal to and pamper the super rich. If you have $50 million to invest, you too can be counted worthy of one of Wells’ programs.
Indeed, not only can you turn your wealth over to Wells so that they can find ways to make your wealth theirs, you will also be able to access the many perks they intend to provide. For example, they have psychologists on staff to research your genealogy, to help with family dynamics, and to help your family members as they transition the family business from one generation to another… And all for a mere $50 mil!
They’re target market is the estimated 10,000 US Baby Boomer households that have fifty million dollar “family businesses” that need to be “managed.” Seems to me, if you’ve created and nurtured a family business that has such value, you sure don’t need Wells Fargo’s help one little bit! I suspect you are doing more than just fine, thank you very much.
But where there’s money, they’ll make a market, and Banks can smell money 100 miles down the road. And even though many people believe banks and “banksters” are the world’s greatest evil, it is important to keep in mind that they are increasingly more desperate to generate revenue – just like the rest of us, and if they think chic, designer services will get them that revenue, then all I have to say is that I’d bet you a quarter there are those willing to pay for it. Genealogy services??? Um, okay. Sounds a bit suspicious… Are the rich somehow better than the poor? Connected to the most powerful? Hooked up somewhere down the line with royalty? With Wells not only are you special they will prove it!
In the meantime, for those of you that are interested, offices will open in Chicago under the name Abbot Downing, and will eventually be opened in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Philadelphia, Charlotte, Winston-Salem, Raleigh, Napels, Jacksonville and Palm Beach.
Times, they are a changin’ in deed and in fact. Wonder if they have a back entrance…. Hum.
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