Here's the advice Goldman Sachs is giving its multimillionaire clients
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Being a wealthy client at a big Wall Street bank comes with its advantages.
For example, your money manager might be able to get you shares of red-hot, nonpublic companies like Uber.
As far as general investment advice is concerned, there's a perception that wealthy folks must be getting some pretty good information on that end as well. After all, they're rich.
"We expect continued steady economic growth which will, in turn, support mid-single-digit core earnings growth," write Sharmin Mossavar-Rahmani and Brett Nelson of Goldman Sachs Private Wealth Management. "We therefore recommend our clients stay invested at their strategic allocation to US equities."
GSPWM will consider bringing you on as a client if you have $10 million.
"We expect modest single-digit returns for a moderate-risk, well-diversified portfolio given current equity valuations and the level of interest rates," they continued. "As always, there are risks that could derail the recovery and end this bull market, but we are cautiously optimistic that the economy can withstand at least small shocks."
All that seems to be roughly in line with the consensus. You might even think it sounds boring.
But if you're mom and pop or the average joe invested in the market, you should know that the wealthiest folks in the world are right there in the market with you.
Here are some specifics and highlights from GSPWM's new 86-page report:
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