PALO ALTO, California-Sam Odio expected some congratulatory e-mail when it sold for Divvyshot, online photo sharing Service, Facebook April millions of dollars.
Wall Street, as usual, going where the money is-and now the Silicon Valley. The latest burst of the Internet means there are more newly minted millionaires and billionaires, even, than any time since the tech bubble a decade ago.
Many are young entrepreneurs and brilliant computer engineer. But for all the knowledge, technology executives, many of whom are just out of College, relatively clueless when it comes to estate planning.
“Bet the farm on build a widget for Facebook platform is quite different from managing long-term nest eggs,” said Jay Backstrand, Vice President at JPMorgan Chase private bank.
Wall Street is more than happy to help-for a fee. Bank costs around 1 per cent to oversee the portfolio investors are wealthy. Although that may not sound like much, it adds when billions of dollars are involved.