Amidst Occupy Wall Street demonstrations, what’s the word from the 1%?
By Scott Kyle
Among the most popular and widespread rallying cries accompanying the Occupy Wall Street movement is a resounding demand for justice from the so-called “99%” – the majority of Americans suffering hardship and financial struggle at the hands of a wealthy minority. But in the persistent face of these demands and accusations, what are the 1% saying in response? According to a recent Daily Finance profile, at least one representative of the group – a 63-year-old multimillionaire named Al Checchi – is just as fed up with Wall Street as anyone else. Granted, Checchi isn’t claiming financial hardship alongside Occupy protestors on the streets; but he is decrying the institutions with whom he trusted his millions for honest money management – only to be “appalled” by the fraudulent marketing, client deprioritization and other transgressions for which major American financial institutions have become notorious over the past several years.
Since 2008, American investors have experienced an exponential loss of faith in Wall Street institutions – the investment banks, commercial banks, hedge funds, private equity and venture capital funds that Checchi refers to as “the usual suspects.” Now, one by one, these banks are falling under harsh scrutiny — and facing fines of hundreds of millions of dollars as a result of their dishonest practices. In the wake of such monumental betrayal, it’s no surprise that Americans from all walks of life have grown desperate. The nationwide Occupy protests are a telling indication of just how little confidence consumers are prepared to stake in the financial status quo. However, for investors like Checchi, there is an alternative: a port in the storm, as it were, in the form of independent money management firms beyond the influence of Wall Street’s “usual suspects” where integrity and individualized client care reign supreme.
Coastwise Capital Group: independent and honest money management for a brighter financial future
At Coastwise Capital Group, we believe in upholding our award-winning reputation at all costs: and by that token, we offer affluent individuals, families and institutions the utmost in honest, professional and customized money management services designed specifically to meet their needs – not ours. With a longstanding connection to our San Diego-based clients and valued status as the “Best of La Jolla” poll’s Best Financial Advisor for the last three years running, we bring our passion for community to everything we do. To learn more, contact us today – and see what it feels like to work with genuine professionals who care deeply about client education and community development. For more information, visit us online: www.coastwisegroup.com.
The information in this article is strictly for educational and illustrative purposes and is not an attempt to furnish personalized investment advice or services.
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