IF YOU ARE SO FORTUNATE AS TO HAVE OVER $20 MILLION, YOU know you have achieved a great success. Congratulations! Fewer than 100,000 Americans have done this well financially. Most likely, you recognize that you have new kinds of problems. How do you find investment advisors and investment managers who are right for you? How much do you pass on to your children and grandchildren—and when do you do it? How much do you commit to philanthropy—and when?

If you have a much larger fortune—over $100 million—you should consider organizing an investment committee or having a personal expert to advise you on all aspects of investing. If paying 1 to 2 percent of assets to an investment advisor year after year seems high ...

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