Lawyer’s Difficult Job: Assuring Superrich as Investments Decline
A lawyer who runs a firm that advises the superrich has been busy lately explaining to his clients that their investments are declining in the economic downturn—but they still have plenty of money left.
The New York Times profiles the lawyer, Charles Lowenhaupt, and his belief that it’s nearly impossible to be both rich and happy. As chief executive of Lowenhaupt Global Advisors, Lowenhaupt is not only a lawyer, the story says, but also an “investment manager, estate planner, philanthropy expert, intergenerational mediator.”
His job includes making sure that clients’ bills get paid and their homes are staffed, the story says.
Lowenhaupt told the Times he is seeing “anxiety, panic and resignation” among his clients. He believes that people who inherit money find it to be a burden. “For the inheritors, money is not very interesting,” he told the newspaper. “It’s like collecting art: the chase is exciting, but being a curator may not be.”
