Giving up on the middle class
With more dismal U.S. economic data emerging this week, one marketing consultant
wealth manager is advising her financial industry clients colleagues to ignore the masses altogether and focus solely on the ultra rich.
In an article on wealthmanagement.com, April Rudin, CEO of The Rudin Group (which, for the record, says it only focuses on clients of high and higher net worth), describes a “new reality” in which many wealth managers are marketing themselves to people who “will in the future not be able to afford their products and services.”
In the wake of the financial crisis, middle class families in the U.S. are burdened by too much debt, the rising cost of health care, fewer jobs and the ever-increasing price tag on retirement.
She adds bleakly:
The middle class is toast.