The rich rely more heavily than ever before on their advisers and managers – those who are listed on the latest Citywealth Top 100 list. Ultra high net worths have moved away from pure banking and asset management and seek a friend and partner to confide in. They want more innovative advisers and managers who are able to bring ideas to the table and add value. They favour someone who will act as business partner and mentor to their children. They also want a trusted friend to protect them against the problems and worries that life throws in their path. Todays wealth manager and adviser are as likely to be helping manage a wealthy persons life as well as their tax and financial planning.
Everywhere the super rich are keeping the wealth manager and adviser busy. They are ploughing into the corporate and lifestyle worlds; snapping up hotel chains, property and businesses; digging for oil and buying super yachts. They are trailblazing with telecoms companies in emerging countries whilst their younger generation want to understand more than their parents did about investments. Even some private bankers are getting fat-catish and becoming high net worth clients themselves. Then you have divorce law precedents in Britain which are helping generate a new female rich client but conversely making many think twice about marriage. The market is brimming with talk of overnight multi millionaire divorcees walking through family law and private banking doors after law lords making surprise rulings on divorce last year.
There are also problems with being rich. Lottery winners spend most of their money within five years; wealth lasts an average of four generations in a family then disappears; dying whilst travelling can change the way a will is administered; fraud against the elderly-rich is on the increase; footballers have to shun and manage negative publicity or lose their sponsorship income and Gordon Brown, the UK Chancellor soon to be Prime Minister is eyeing British inheritance tax laws like a puma ready to pounce.
Despite celerity images, it is sometimes a hard task being rich and even harder for those who advise them. These names and many more in the industry have been some of the most influential, powerful and unacknowledged people in the financial world. Corporate has always sat as King to the financial throne, but now, as private wealth has increased, corporate has found an equal. Private wealth managers and advisers are now as likely to pass work to corporates as accept it. Recognising its potential, bank management are keen to build their wealth management businesses to shore up rollercoaster stock market returns and financial cycles.
So join me in congratulating those on Citywealth top 100 list for 2007 for they guide the worlds wealthiest individuals and they have been chosen in two very important ways. Firstly by recommendations from those within the industry who have worked with these individuals for more than twenty or thirty years. Secondly by Citywealth Editor’s own choices. Why does her opinion matter and why should she wield this power? Simply because she spends every waking minute talking to peers in the industry from around the world. No stone is unturned and no good or bad comment unheard. All is stored to create this list which is truly a reflection in 2006 of those who are helping shape not only the world of the wealthy but also the world at large.
There will, once again, be a celebratory dinner on May 10th 2007 to award the crystal engraved trophies to the top 100. Being held at London Zoo once again it will be in red theme and Bollywood style. No fancy dress is required, there will simply be props within the Zoo space to celebrate Indian culture and recognise this country as an emerging wealth hot spot.
An Indian show will be put on and a celebrity host hired to front the evening and announce the first ever UK Magic Circle Awards.
There is one important rule when booking tickets or tables for the Citywealth events. Your table must be made up from people on the list and we will happily help you secure leading names. Just send us your requests. We are also delighted to sit you with friends in the industry to ensure the evening is not just another work event.
Last year table sponsors benefited from leading intermediaries sitting with them. It was a rare opportunity to forge close relationships with some senior lawyers, accountants, private bankers and trust managers who may normally be only seen briefly at a party or perhaps never. This year eager ticket and table bookers are securing the biggest names early. Don’t delay in booking; it is the fastest way to generate maximum potential from this event and your ticket investment.
Citywealth (citywealthmag.com) has become synonymous with running extraordinary events, that aren’t arranged simply to drain your pocket and put extra bags under your eyes. We are a creative and thoughtful publishing and events company dedicated to the wealth management industry globally. We spend 100% of our time working to find useful information and contacts for you in the wealth management space and put as much investment back into the industry as profit we receive. Ticket prices remain static this year at £495 + vat for individual or £4,995 + vat for a table. Advertising in the programme is £1,000 for a page and there are discreet sponsorships available.