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]

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