Some Go Downmarket, Some Go Up

Goldman Sachs has been catering to investors with at least ten million and preferably fifty. Now Goldman is expanding its adviser forces and targeting lesser wealth. Hard to imagine a Goldman robo adviser, but we may see one.

Meanwhile, Merrill Lynch hopes to move up into Goldman's traditional market. Merrill's new effort will include the services of specialists in estate planning and family counseling – areas once associated with Bank of America's U.S. Trust unit.

Which wealth management giant is on the right track? Possibly both. Vast numbers of Boomers are reaching their retirement decade with a million or two or three. At the same time, the relatively small number of the really rich is growing, and becoming really richer.

Competition to serve both groups must be fierce, as I realized when strolling the streets of Portsmouth the other day. Our fair city has scores and scores of restaurants and gift shops for tourists. We also appear to have at least as many wealth management firms, plus assorted hedge funds and socially-conscious institutional investors.

Upmarket condos. full of wealth management prospects,
 have replaced aged warehouses on Portsmouth's waterfront.

Hoping to make money from people with money? You are not alone.