Wealthy Americans fed up with duopoly as well
With all the talk of Occupy protests across the country, it’s worth noting that wealthy Americans are protesting in their own way too, and perhaps the most effective way: by refusing to give political contributions. According to Reuters, “A number of financial advisers say their wealthy clients have told them they will not make political contributions this year, many for the first time ever.”
John Hilton, CEO of Bessemer Trust, said he’s never seen clients so frustrated with the state of affairs in Washington, in his 42 years advising ultra high-net worth investors.
Alan Ungar of Critical Capital Management put it bluntly: “People are pissed. This isn’t about taxes. It’s about the partisan dynamic.” Ungar’s clients average $1.6 million or more in assets invested with the firm.
Several of Jim Heitman’s clients are usually active in their parties. An adviser with Compass Financial Planning in Alta Loma, California, whose average account size is $1.3 million, Heitman says some of his clients are using the money they earmark for political contributions to pay off mortgages on vacation homes or to invest in alternative assets like gold. According to Heitman, “the attitude is increasingly ‘a pox on both their houses.'”
“Who isn’t upset with the two major parties?” said Christina Tobin, Chair of The Free & Equal Elections Foundation. “The list of excuses for the status quo has just about run out.”
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