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Comment by wayn3 | Hacker News Reader

you go to a private banker in a jurisdiction whose sole job it is to do private banking and get that shit private banked. dont pretend you dont know which country im talking about.

thats a really simple problem with a known solution. its just not advertised at all. everyone above a couple mil gets 10-15% annually and just doesnt talk about it to average randos. because instead of listening they always start shouting matches about how its so unfair that normal people dont have access to this stuff and taxes and tax evasion and all the lowlife hate thats inevitably going to happen.

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this is actually 100% bullshit. HNW individuals do have opportunities in private equity and hedge funds not available to the general public but the risk/return curve is not really any better than what's available to joe bloggs in a brokerage account these days. possibly far worse.

The real advantage gains reaped are in things like tax avoidance and asset protection. These are vehicles that tend to be available to the really rich and only really useful to the really rich.

"Everyone above a couple mil gets 10-15% annually and just doesn't talk about it"... please. Bull. Shit. Those who do talk about it all the time. Those who lose their shirts are the quiet ones.

There have certainly been times when nominal yield of 10-12% was the norm (before inflation/taxes). Those days are not these days. And these days earning the market (domestic or global) with minimal cost is available to literally anyone with a checking account and a smart phone (in the USA at least).

Are there no quoted PE funds in the USA that normal investors can buy? I have done quite well out of Electra in the UK 3I also has had a good run recently.

and about a dozen other asset classes that you dont even take into account because youre stuck in startup land.

if you have the cash, go to switzerland and talk to the people instead of yammering on about how its not possible.

10% YoY on a 10M investment isn't something people talk about because its rather ordinary. but you wont get it at bank of america. commercial banks simply dont know how to produce those returns for their customers. or maybe they do but are more busy with sucking off their stakeholders. i honestly dont care.

Why wouldn't private bankers be as predatory of high net worth individuals as other financial professions are of normal folk? How does having a couple of mil protect you from being taken advantage of by charlatans? Don't the rich fall for dumb schemes the same was everybody else?

Private banking, in said jurisdiction, is a line of work with centuries of tradition.

And they just don't have any fucking reason to fuck over their clients.

Protection? If you are a billionaire and your banker fucks you over, I think they're more scared of you than you are of them.

I did not tell you to private bank with bank of america new york city. If you do that, kiss your money goodbye. They'll take all of it, funnel it into the next garbage scheme and yell "stakeholders".

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