Wealth Managers Getting Into The Bachelor Party Planning Biz

Sure, why not?
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By Partybus Buenos AIres [CC BY-SA 4.0], via Wikimedia Commons

Partybus Buenos AIres, Wikimedia Commons

Unless you've ever been the person in charge of organizing the logistics of a bachelor party, you probably have no idea how much time and effort goes into the operation. There's the wrangling of guests; the figuring out of schedules; the decision of whether to go to Vegas or Austin or New Orleans or Dubai; the hotel bookings; the dinner reservations; the internal discussion of what the man of the hour really means when he says he doesn't want any hookers; and so on and so forth. It's almost enough to make you want to call up your wealth manager and ask if he'd mind planning the whole thing and lucky for you, PWM outfits recently had a meeting on how they could diversify their services and "planning our clients' bachelor parties" was one idea.

When Ed Clare, a property developer, organised a friend’s stag party in Barcelona this year, he knew exactly who to turn to help him plan the four-day trip: his wealth manager. He picked up his phone and called a concierge service provided by Coutts, the private bank and wealth manager. After an “informal chat”, the concierge sent over an itinerary packed with suggestions for the best bars, clubs and restaurants. The stag do was “really great”, the 30-year-old says...Steven Light, director of digital at Coutts, says: “[The concierge] is sourcing things for people that they can’t get themselves or don’t have the time to get.” Coutts is “focusing a lot of attention” on providing clients with additional services outside of finance, he adds.

Just another service your wealth manager can provide [FT via Matt Levine]


On Second Thought, Some Republican Money Managers Don't Really Like Partying on Tuesdays

According to a report by Reuters, some Romney supporters in the financial community will be having a more enjoyable evening tonight than others. In one corner you have those who will be partying (Julian Robertson, Paul Singer, Anthony Scaramucci and other top Romney donors have been invited to attend a soirée at the Westin Boston; John Paulson is throwing a small get-together at his Upper East Side townhouse; and "less prominent Wall Street fundraisers will be gathering at Brinkley's Station, a bar and restaurant" on East 60th Street that serves "a $23.75 lobster club sandwich and $12 Bloody Marys"). In the other you have those who will be spending the night punishing themselves and telling anyone who calls, "I don't deserve to have fun." Like Jason Ader, who told Reuters that although he was originally going to party his face off in Vegas, circa 7PM tonight you'll find him pulling the lever at his polling station and telling his kids, through tears, "This is what it's like to vote for a looooser." Money manager Jason Ader, who gained prominence as a Wall Street gaming analyst and is backing Romney, had been planning to travel to Las Vegas for an election night "watch party" at the Venetian Resort Hotel Casino. But in the aftermath of Sandy, Ader says he has decided to stay home. The manager of Ader Investment Management, which provides funding to small hedge funds, "will vote and watch at home with my young kids and educate them about the process and the returns," he said. And David Hinman who's going to kick things off by swallowing the key to the fridge that houses his $21,000 bottle of 1928 Krug and then drawing the blinds shortly after nightfall and sleeping on the floor in a hair shirt. David Hinman, chief investment officer of SW Asset Management, a Newport Beach, California-based investment firm, said in an email: "100 percent Obama wins; no reason to party." Romney's hedge-fund backers plan to party on election night [Reuters]