Putting on the Ritz

No wonder the rich get richer. They have advantages that the rest do not. Their wealth gives them access to eager-to-please private bankers, bespoke money-management services and sophisticated investment vehicles that are out of reach for the merely solvent. But when it comes to investing, does membership of the supposed Úlite truly provide an edge worthy of envy? Sure, the rich can buy kid-glove professional guidance, but they pay dearly for it, with no guarantee of superior performance. Investing is sufficiently difficult that even the most talented and knowledgeable private bankers and brokers often make costly mistakes; they can also be...

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