The era of family fortunes, rooted in industries like oil and railroads and handed down from generation to generation, is long gone. Almost three-quarters of today’s ultra-high-net-worth individuals are self-made entrepreneurs. This is good news for wealth managers, especially as more of these newly minted millionaires and billionaires look to set up family offices to protect their wealth.
But this can be a different sort of beast than working with more traditional second- and third-generation clients who have inherited their wealth. That’s why, for an entrepreneur, finding a wealth manager who understands their unique mindset is key.
