How to Keep Your Wealth Under Wraps

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Avoid reporters.

“Sara Blakely, the founder of Spanx, came into the Forbes office because someone wanted to do a story on her. Once we got the numbers, we realized she could be a billionaire.”

– Kerry A. Dolan, Forbes

Don’t issue press releases. Ever.

“We have clients who continue to add to their businesses, but they don’t issue press releases when they do. It never hits the mainstream press.”

– Halé Behzadi, Citi Private Bank

Buy property through an LLC,
not under your own name.

“When homes are purchased in Bel Air – these $50 million, $100 million mansions – they’re not purchased in individuals’ names.”

– Michael Walsh, head of California region, J.P. Morgan Private Bank

Hold other assets in trusts or other entities.

“An entity can have a name other than a family name. It doesn’t create secrecy, but it creates anonymity.”

– Michael Pagano, head of private client services, City National Bank

If you inherited your money,
hope your ancestors were boring.

“I’ve always been obsessed with old money that’s a little scandalous.”

– Matthew G. Miller, Bloomberg

Avoid ostentatious purchases.

“(Automotive parts entrepreneur) Shahid Khan only came on our radar because of his purchase of an NFL team.”

– Kerry A. Dolan

Keep your business private.

“You can easily stay under the radar up to maybe $700 million or $800 million, provided you are not engaged in public markets. When you start to publicly buy or sell, that’s when you’re in the press.”

– Halé Behzadi

Plan ahead to transfer wealth.

“You want to transfer wealth in a private way, not through the probate process. The probate process is there to protect people, but it’s public.”

– Michael Pagano


Make boring stuff.

“There are industries that get more media coverage than others. I’m not looking at the value of a company that makes tuna cans.”

– Kerry A. Dolan

Invest in businesses that don’t require advertising.

“I have a client with a great deal of real estate in mobile-home parks. That’s effectively a business that generates a lot of income, but he’s not reliant on retail sales or manufacturing.”

– Michele Havens, L.A. region president, Northern Trust Co.

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