Wells Fargo to Open Bank for Super Rich; Need to Take Finger Off Nation's Pulse First
Wells Fargo is combining its existing boutique firm Lowry Hill with its Family Wealth department to create Abbot Downing, and it's slated to begin operations next April. The name Abbot Downing comes from a 19th century high-end stagecoach manufacturer, and it is appropriate considering America's wealth disparity is nearing 1830's levels.
The Sun-Times reports the firm will feature "a full range of services to cater to the super rich, complete with psychologists and staff to build family genealogies." For people who don't have $50 million, Wells Fargo offers other investment options that better suit their needs:
Nov. 5, 2011