Summit Notebook
Exclusive outtakes from industry leaders
from DealZone:
Wealthy clients ask about Facebook relationships for kids
Northern Trust has thought very carefully about how to communicate with its wealthy clients. In the U.S., it says it has people within a 45 minute drive of 50 percent of all of the millionaire households.
It advertises on NPR, CNBC, the Wall Street Journal, and local newspapers.
Now it might start “friending” people on Facebook.
“We had a client earlier this year who asked if we could be a friend to their child on (her) Facebook page because the child is a beneficiary of a trust that we manage and they said what better way to get to know my child when they’re awfully remote than to do this through the Facebook page?” said Lee Woolley, President of Northern Trust Bank’s Personal Financial Services division in Boston.
The family said Facebook would be a great way to communicate with the next generation of heirs before they inherit the family fortune.
Of course the 20 year-old daughter would have to accept the invitation for it all to work out.
The credit crisis is affecting us all…
Spare a thought for the mega-rich.
While the man or woman on the street cuts back on non-essential spending as the value of their home falls and they worry more about whether or not they will keep their job, so too multi-millionaires are feeling the pinch.
Javier Arus Castillo, general manager of Santander Private Banking International, explains.
