The following is my answer to a Quora question: “I
have potential clients that are aged around 80-years-old, and already have a
net worth of over $10 million. How do I
convince them to invest in my hedge fund?
They have more money than they could possibly spend.”
People in that age bracket are no longer thinking
wealth accumulation or wealth acquisition. At this age, they are thinking of leaving a
legacy. It is no longer about an estate,
since they would likely have something set aside for their heirs, their
favourite pet or a charity.
Leaving a legacy involves setting up a system that
generates earnings for the explicit purpose of funding a cause, a school, a
hospital or any entity for the public good. That is your selling point. You need to give people what they want, or at
least create that need. And you need to
give them a vision that appeals to their ego or their values. That you are using the hedge fund to generate
that wealth is incidental.
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