On the lookout for high-tech millionaires, a growing number of financial advisors are setting up shop in Silicon Valley, The Mercury News in San Jose, Calif., reported Aug. 9.
The boom in local advisers comes despite the economic downturn and the decline in the number of wealthy households in the region, the newspaper said.
“There’s really plenty of wealth for everybody,” said Gregory Sanford, president and chief executive of the western U.S. subsidiary of U.S. Trust.
Financial firms say the economic slump will spur wealthy Silicon Valley residents to diversify, preserve wealth and invest to limit taxes.
And many new tech millionaires haven’t yet hooked up with a favorite accountant or money manager, opening the door for new firms, the Mercury News said.
The number of households in the San Jose, San Francisco and Oakland metro areas with $5 million in non –home net worth fell to about 17,000 last year from 20,000 in 19990, Chicago-based Spectrem Group estimates.
For full story, go to SiliconValley.com.