No wonder the investment community is so anxious to cater to this new breed of high net worth client. Once the somewhat stodgy domain of inherited wealth and old boy networks, today's private asset management business is exciting, sophisticated, and complex. Client's main concern was living off the money and then passing it on to his children, mainly via trust funds. Usually first generation, entrepreneurial wealth.
Finances are more complicated.
An entrepreneur may have sold a business and received stock as part of the purchase price, which creates capital gains and other tax situations that must be addressed. Corporate executives often receive stock options as part of their compensation, complicating their tax situations. Because of their business expertise, entrepreneurs require a trusted advisor, not some one who dictates courses of action. The institutional side is dominated by transactions. Personal relationships are secondary to product performance.