Luckily, if you’re among the 1 percent, you are not alone. Repeat that: YOU ARE NOT ALONE. There are people ready to help you with the complications of owning more than 99 percent of your fellow citizens.
One such resource in your time of need is Bessemer Trust, a “Private Client Wealth Management” company. As a way of reaching out, they ran this print ad in the Sunday New York Times:
At Bessemer Trust, we believe maintaining wealth from generation to generation is the true art of wealth management. So we have a team of specialists targeted at precisely that… Our client advisory team helps prepare the next generation to responsibly guide your wealth… Our tax strategists help fend off a significant threat to your wealth… Let’s face it, history is littered with family names once associated with great wealth that now are mere footnotes. Everything we do is designed to keep you from becoming one of them. Call us. Minimum relationship $10 million.
Bessemer Trust is There for You
Indeed, on the company’s website, they do warn “Ironically, the more wealth one accumulates, the more complicated life can become.” So, here are some of actual quotes from the company about easing those complications:
– “Whether you are interested in creating a Family Mission Statement, setting up trusts, or establishing a foundation, we can work with you to reflect your family’s core values in your legacy plan.”
– “Reducing the erosion of wealth by implementing planning techniques designed to minimize taxes.”
– “Raising children with the skills, knowledge, and motivation to be financially independent is a complex task for any parent, but wealthy families face a unique set of challenges… Do your children have the ﬁnancial knowledge to manage wealth? Do members understand the family’s wealth plan?”
– “Engaging and educating the next generation on wealth management issues can be a powerful way to prepare them for the challenges and opportunities life may offer.”
– ”Naming the potential risks to your family and property can be uncomfortable. But not taking the steps necessary to minimize your exposure can prove more onerous in the end.”
– “For many wealthy families, concentrated holdings are a source of pride and a symbol of success.”
The company also arranges “intimate gatherings with other families who face common issues” and has a special advisory service on Yachts and Private Aircraft to “help you understand and assess your personal travel options.” They can also “assist in evaluating the ever-increasing and complex club and resort travel programs.”
One Percent Problems
See, while you struggle with simple problems like paying the rent and scavenging dented cans of hobo beans to feed your feral children, the One Percent have real issues.
Apparently one of the most pressing issues for the wealthy, while admonishing the rest of us to work harder, stop being lazy and pull ourselves up by our bootstraps, is how to make sure their money gets passed on to their kids, so those kiddies do not have to work harder, stop being lazy or pull themselves up by their bootstraps. This assures that while most of us struggle against glass ceilings of one sort or another to rise, rich kids are held safe by marble floors that prevent them from falling. And all thanks to folks like Bessemer Trust!
And kids today, amiright? While many of us hope to pass on skills to our own like how to kite a check and where to redeem aluminum cans for scrap value, the rich face the task of teaching their off-spring how to stay rich.
Another issue for the rich is making sure they and their children don’t have to actually work. That’s the whole idea cited above about “concentrated holdings are a source of pride and a symbol of success.” That means owning stuff, primarily stock. You most likely don’t have this problem, because less than half of Americans don’t own any stock at all. The wealthiest five percent of Americans meanwhile hold some 70 percent of all stock. Bump the “top” group to the wealthiest ten percent of Americans and they own over 80 percent of all stock.
However, it is Bessemer Trust’s special services that really get to the heart of why being super rich is such a grind. I mean, who really has time to personally evaluate “the ever-increasing and complex club and resort travel programs.” Daaady, can you help me with my homework? It’s not fair, I have to evaluate all these club and resort programs by tomorrow and they’re so stupid and complex!!!
I for one am glad I don’t have to deal with stuff like that, and worry about whether my kids are prepared to continue my exploitation of the workers I
own employ. What a load off.
BONUS: All of the above is what companies like Bessemer Trust say without shame in public. Imagine what goes on behind their closed doors: “Welcome Mr. Van Buren. Please just leave your satchels of bullion over there next to the complimentary blood of virgins bar. Let me introduce Klaus, who will guide you through the ever-increasing and complex programs for acquiring fresh human organs for your next transplant. Oh, and I understand your daughter would very much like to see a poor child ritually slaughtered for her eighth birthday party. That would be Marie, who sorts those things out for our clients. Refreshment? We feature today a chilled glass of orphan tears.”