economy
New SpaceX millionaires are reinventing the business of managing large wealth
Wealth advisors say SpaceXers have unique ways of addressing their financial challenges, including whiteboarding, troubleshooting and AI.
TL;DR
- Over 100 SpaceX employees with $1 billion to $5 billion in combined assets have united to negotiate better wealth management terms.
- The group secured a deal with Choreo at a fee starting at 0.5%, lower than the industry standard.
- SpaceX employees often have up to 90% of their wealth in SpaceX equity and are reluctant to sell, prompting advisors to focus on tax-efficient strategies and estate planning.
- Employees are utilizing AI tools like Claude and ChatGPT for financial advice and bring these outputs into discussions with advisors.
- SpaceXers employ whiteboarding and group problem-solving techniques, common in their engineering backgrounds, to tackle wealth management challenges.
- Advisors emphasize educating these clients on financial scenarios, trade-offs, and managing concentrated wealth.