One Part Investment Manager, One Part Family Therapist
June 1st, 2015
Franco Lombardo found that many of his clients’ financial needs were actually about family relationships, deep down.
If family offices manage the finances of the 1%, Franco Lombardo’s caters to the 1% of the 1%. Most of his clients have a net worth north of $500 million, he says. And if you believe him, the ultra-rich have problems—problems with money, no less.
For example, one of Lombardo’s clients hoped to pass his billion-dollar business down to his daughter, but he wanted her to work in the firm first. The daughter felt guilty, because she was only working part time and was set to become the boss. “She was going to make decisions with feelings of guilt that she didn’t deserve this,” Lombardo says. “So what kind of decisions would she make? That’s an example of behaviour risk.”