Reply to Lack of HNW in the Area

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Having moved to the area from the bay area, I thought there would be some angel capital and wealth management scene in the area. But it turns out that the "rich" here basically have a house half paid down and a couple of million in savings invested in vanguard index funds. I had just recently registered a RIA and manage a couple of million in AUM (friends/family) in separate accounts with a 7 year track record of 20%+ returns but it is impossible to convince people in the area that that they should invest in anything outside of a vanguard index fund. Maybe it is just the inherent conservatism of feds and the fact that most wealth is locked up in 401k accounts.

For background, I have 5 years of experience in growth private equity, 3 years in a hedge fund, am a CFA charterholder and have been investing since I was 21. I am considering moving to Palm Beach or La Jolla. [/quote]

Nope. Not a boring fed who is only doing Vanguard index funds. I invest plenty with the goal of beating the S&P every year. You know what I won't do though -- turn my money over to someone who is managing friend and family money as a side business. No one knows you. No one knows whether your PE shop and hedge fund that you worked for were the real deal or some rich individual who one day decided -- hey, I'm opening a hedge fund. Why would anyone trust you?[/quote]

+1. There isn't a lack of high net worth here. There IS however enough education and sophistication that people aren't going to fall for some hobbyist investment adviser.[/quote]

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