The New Wealth Management: Fill & Download for Free

I shouldn't speak directly for Wealthfront and Personal Capital and other great wealth management companies, but they seem to have started to compete with low-level RIAs (registered investment advisors) or else to farm off some of their work into a smarter, low-fee passive investment strategy. It is clear the industry is going to and should shift this way and I support what they are doing for the most part.Basically if you have a few million dollars as say an upper middle-class family, a large part of your wealth should probably be managed in a handful of low-fee passive investment vehicles. You should make sure to tax harvest and rebalance these, and it's important to have your trusts and estates setup well but maybe you shouldn't be paying huge fees to an advisor every year at this level. Based on this, these companies are competing to take clients from the smaller advisors. There are hundreds of thousands of these advisors, and it's a great business, and the new technology will be very disruptive. I've seen over 15 of these sorts of automated wealth mgmt companies now and some are doing very well.That said, it turns out the majority of actual capital in the world is managed in billion-dollar + portfolios, and that when you manage capital at this scale it's actually not a great idea to just do passive investing. Lots of the top family offices and investment groups have achieved higher returns with alternatives like savvy real estate, private equity, and technology and resource investments, and these are important areas for the world for this money to flow into.But this other investing is a mess, and it's not very data-driven - the infrastructure behind global finance and these more complex portfolios was mostly built 20 to 40 years ago. (At one bank we were working with early on at Palantir, I remember that we were replacing systems from the late 70s).I've written about this in other posts, but I believe that fixing/upgrading this financial infrastructure is very important. Addepar is a data platform that underlies this more complicated area of global finance and connects thousands of custodians and fund administrators and others and provides tools to the advisors running these very large portfolios. Unlike the smaller RIAs, I don't think advisors to the major families or insurance companies or banks or sovereign wealth funds are in danger of being replaced anytime soon - not until AI is also replacing you and me =). But they badly need a new global infrastructure to manage this key part of finance.

I'm sorry Vikas, but we don't disclose our future product plans. But one thing you can be sure of is we will continue to be the first company to offer new services to our clients that have never before been available to people who can't afford the high account minimums associated with private wealth managers.

The J.P. Morgan Chase Palladium Card:This card has since been discontinued and replaced with a new card called J.P Morgan Reserve Card. Physically identical to the Palladium card, it also improved several better benefits compared to its predecessor.You’re not likely to ever see this card in your lifetime as it has been described as the credit card for the top 1% of the 1%. Because of this extremely exclusive card, there are only about 5,000 card holders of this type globally.Qualification include: Minimum of $10,000,000 USD invested in J.P Morgan’s wealth management and is invite only so you can’t apply for it.Costs: Annual fee of $595 (but who really cares when you’re 1% of 1%)Benefits: Apart from the prestige, there are no fees on the card compared to a normal card including:No cash advance fees, late payments or foreign transaction fees.Double points on travelConcierge accessFull United Club membershipUnlimited Lounge Club membership