I spotted this interesting blog post by a WSJ bloggers on family offices and how some of the super rich need teams of 5-9 people to manage their assets and financial affairs. I thought it was interesting. Here’s an excerpt and link to the full post:
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Ah, the good life. You made your millions or billions. Now it is time to kick back, relax by the pool…and manage your costly and complicated family office.

Family offices are must-haves for Upper Richistanis. If you have $100 million or more, chances are you’ll need a family office to manage your investments, travel plans, philanthropy, political activities, bill-paying and estate plans. That’s not to mention the multiple homes and wives. If the lives of today’s Upper Richistanis are businesses, the family office is corporate headquarters.

“I have four people (in the office) and five people at the house and I don’t even have a job,” says AOL founder James V. Kimsey (left), in an article in the Washington Post. “Why it takes that many people to sustain me is hard to explain.” Read more…

– Richard

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Permanent Link: The Cost of Being Wealthy
Tags: Wealthy, Hard Being Wealthy, Family Office Fees, Family Office Personnel, How to Use a Family Office, family offices, family office