“California is unique in that it has more active wealth than many parts of the country,” said Chris Walters, executive vice president at CitizensTrust. “A higher percentage of HNW/UHNW families are wealth creators rather than inheritors. This presents wealth advisors with a distinct challenge as we guide families who operate ongoing businesses, have a high percentage of real estate investments and who are engaged in socially responsible initiative.”
Silver Bridge held a similar opinion, saying: “In California, we are typically engaged by families who have acquired wealth within their current generation (technology and other entrepreneurs) and families who generated wealth in prior generations. In many cases our clients hold financial as well as operating business assets.”
CONCERT stressed not only entrepreneurialism as a focus among Californian clients, but more specifically green innovation.
Rothstein Kass cited a “concentrations of entrepreneurs, investment managers and entertainers” as one of the pulls, as well as a large group of Baby Boomers and technology innovators. “Though at opposite ends of their career spectrums, both groups can require support in selling business interests or transferring assets,” the firm said. “California also boasts a renowned wine region that attracts high-net worth individuals to the area and promotes networking opportunities.”
