Mrs.PatsFanInVa

So much for those who claim that it's the poor and middle class people who are trying to divide the classes and create a class warfare.

Now they're opening banks that will keep the coins of the wealthy from clanking with coins from the common class.

Wells Fargo & Co.'s new bank for the super rich is set to open in Chicago, targeting households with $50 million or more to invest.

Abbot Downing is named after a 19th century custom carriage builder who catered to the wealthy, according to UPI. The firm has $27.5 billion in client assets and about 300 people on staff -- including psychologists and staff dedicated to building family genealogies, the Chicago Sun-Times reports.

"Abbot Downing goes beyond traditional wealth planning analysis by focusing on clients' values, goals and vision," James Steiner, who will run Abbot Downing, said in a statement. "Our advisors and Family Dynamics consultants focus not only on traditional wealth planning, such as cash flow, investments and wealth transfer, but also on human dimensions, such as family legacy, governance, leadership transition, family education and risk management."

The brand will reportedly be launched in April 2012. Aside from an office in Chicago, they will also be opening in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Philadelphia, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville and Palm Beach.


Abbot Downing, Wells Fargo's Bank For Super Rich, Opening In Chicago

IcyPatriot

You mean every business in this country does not target the demographics of the 99%.

Mrs.PatsFanInVa

Probably not quite so blatantly.

And, come to think of it, there are probably more businesses that court the poor and the middle class than there are businesses that court the ultra-rich.

Rent to Own centers come to mind. Slumlords. Payday Loan centers. Walmarts, KMarts, MacDonalds, TacoBell.

For every Ruth Cris Steak House here in DC there are probably 500 McDonalds/Burger Kings. For every Neiman Marcus store there are 20 Targets and WalMarts.

I guess the thing that's telling is that these new "rich only" banks will be full of money that once belonged to 10,000 poor men and now sits in the bank account of 1 rich man - and he's the one who's going to get psychological help and risk management assistance as part of his account status.

PatriotsReign

Why would anyone assume that the source of their wealth is "the poor"? Maybe they made all their $$ from other wealthy people.

Are you stating that people who are wealthy "took from the poor" as if they some how did something wrong? Does anyone in America force poor people to give them money.

The last thing we need to do is to point our fingers at a wealthy person and blame them for taking $$ from the poor. That's pretty sad.

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"No one walking this earth knows what is truly righteous"

Mrs.PatsFanInVa

Yeah, PR, I'm sure that Sam Walton made all his money from The Vanderbilts, The Kennedys and the Romneys.

The word "court" and the word "take" are not one and the same, PR. Don't replace one with the other.

So then quit trying to imply it - or to say that I implied it.

Are you denying the fact that the businesses I mentioned cater to poor people? Do you deny the fact that the people who own these businesses are rich? It has nothing to do with "blame" and everything to do with truth.

mcgraw_wv

This just in Ruth Chris makes steaks only for the wealthy...

mcgraw_wv

Oh, and feel free to start your own business which caters to those who only have a net worth of much less, compete with them, and may the best business model win.

Don't be afraid to compete with the rich.

PatriotsReign

I wasn't referring to your "courting" comment but rather this....

The above comment did in fact "imply it".

I did not replace "court" with "take". I don't think anyone should care where someone's money came from as long as it's legal.

__________________
"No one walking this earth knows what is truly righteous"

PatriotsReign

Let me get this straight mcgraw.

Poor people don't own businesses, so they have to spend their $$ somewhere. But they have a choice where they spend it. So isn't it sad that the $$ that sits in the account of the business owner includes $$ from poor people?

What is sad is that people try to make this an issue when by default, it's supposed to work this way!

__________________
"No one walking this earth knows what is truly righteous"

Harry Boy

When all the rich people are destroyed and leave the country the Poor Man Will Starve To Death

How many people in America work for McDonalds?

I LOVE OIL I'M NICE AND WARM THIS MORNING

I'VE HAD A GOOD LIFE, I'VE WORKED FOR RICH PEOPLE

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Harry Boy (Genius)

In The Absence Of Law And Order Society Will Surely Destroy Itself