Rich in America Secrets to Creating and Preserving Wealth

While most investment guides try to simplify the subject of personal
finance for laypeople, this tendentious primer makes it bafflingly
complex. Maurer, ex-chairman of the high-end financial management firm
U. S. Trust, writes explicitly for the wealthiest one percent of
investors. Two factors justify his decision to target such a minuscule
audience. First, he assumes ordinary readers also want to know “what
the affluent are like and how they manage their wealth”-that is, they
may enjoy fantasizing about the financial hassles of having a
multi-million dollar portfolio. Second, only the very rich can make use
of the exotic investment vehicles-including zero-premium equity
collars, family charitable foundations, and complicated estate-tax
evasion plans-that Maurer showcases. These all fit into a “holistic
wealth management” philosophy, which takes careful account of the
labyrinthine complexities-risk and returns, taxes, insurance,
retirement needs, estate planning, legal liability-that should inform
each and every financial decision. Deploying many pages of graphs,
tables and mind-numbing spreadsheets, Maurer discusses these issues in
just enough bewildering detail to persuade readers that they shouldn’t
invest in a ham sandwich without the advice of a financial
planner-better yet, a team of financial planners of the sort U. S.
Trust specializes in assembling. Even professional financial planners,
he asserts, need professional financial planners to plan their finances
for them. Maurer hammers the point home with many dire cautionary tales
about U. S. Trust financial planners who rescue seemingly savvy clients
from financial or familial ruin. It all adds up to little more than a
book-length brochure for the company’s services.




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