how come wealthy people can have someone manage their finances but people making a normal salary cant?

Public Comments

1. Anyone can have someone else manage their finances; you make it sound like there's a law or something preventing it. Wealthy people can AFFORD to PAY someone to do the work; folks on "normal" salaries typically cannot afford the financial manager. What... you thought accountants and financial managers worked for free?
2. Because wealthy people can afford to pay someone to manage their finances while people making a normal salary would have difficulty doing so. Did you think that people just manage rich people's money for free? You either have to pay them a fee and/or they get a percentage of earnings.
3. Anyone can have someone else manage thier finances for them. But it's a service, and you have to pay for it. The more money you have, the more likely you are to be able to afford to pay someone to manage your money.
4. The benefit of making more money is you can pay people to do work for you: managing your money, cleaning your house, watching your kids. There's also lots of cases of money managers defrauding their clients. Look at the NHL pension plan and Julius Melnitzer for example.
5. Normal people can, what wealthy people also have much more complicated finances than the general public, they have investments, own businesses, run charities etc. If you want to become wealthy, it's good idea to manage yourself anyway until you can afford to pay someone else to do it as that is just another expense.
6. I am a Portfolio Manager with over a decade of experience in the Stock Markets and all my customers are wealthy and I will help you or anybody else if you are employed and if you have less than $100,000.00 USD. I WILL HELP YOU FOR FREE. Check my reputation. I am the Top 5 Answerer in the Investing Category. Do you have any more excuses?