In a move that could spark the creation of a billion-dollar wealth platform, a new startup called Buckingham Wealth Partners announced plans Monday to build a wealth management platform for low-income families in the U.S. that could eventually reach the billions of dollars in assets under management.
The venture, based in Manhattan, is working with a team of billionaires, philanthropists and other wealthy people to bring together a team to build the platform, which would offer personalized advice and help the families who currently lack access to wealth management tools, the company said in a press release.
Buckingford’s platform would be designed to help families access wealth management in ways that they may not be able to access through other avenues, the press release said.
It is the first time a technology platform has been created to help impoverished families access a wealth manager that is focused on helping them meet their financial needs, according to the company.
Buckingham will work with wealthy people who have already invested in the platform to offer them the tools they need to help the family manage their finances.
The idea is to help provide people with a means to invest their money in a way that will help them be better off financially, Buckingham said in the release.
The company will partner with a wealth transfer program that will provide the family with funds to transfer to the new platform.
The platform will be able provide financial advice to the family and the wealth transfer programs will allow the family to transfer funds to the platform so that it can use the money to invest in the family’s assets, Buckingham CEO Andrew Cohen said in an interview with CNBC.
It’s a step in the right direction, Cohen said.
This is a new way of doing things, he said.
The new wealth platform is also focused on empowering people to become financially independent, according the release, which is available on the Buckingham website.
The family would need to have a net worth of $250,000, Cohen told CNBC.
The average net worth for a family in the United States is $1.1 million, the release said, citing data from the U,S.
The company said it would use blockchain technology to help manage the platform.
It would be able “identify the assets, track their ownership and transfer ownership to the account holder, or transfer ownership from the account to a new owner.”
This means that the new wealth management service will not only be able track assets, but will also be able access to a platform that tracks ownership, which can help people track their wealth, Cohen added.
It will be the first platform built on blockchain technology, he added.
“This platform will bring wealth to a large number of people, especially in rural communities where the family wealth is less than the average family wealth,” Cohen said, referring to the poor and rural population in the South and Midwest.
“It will allow for the family members to share the wealth with other family members, including aunts, uncles, grandparents, cousins, and others.”
Cohen said the platform will allow people to have more control over their wealth.
“With this platform, families will have a more meaningful way to manage their assets,” he said, adding that this will make it easier for people to invest, and help them earn more money.
It also means the family can share their wealth with their community, Cohen stated.
“We believe that it is possible to create an ecosystem for wealth and economic opportunity, one that will enable families to have access to financial security,” he added, noting that the project is “coming together now.”
The project comes amid rising concerns about the growing wealth gap and a widening wealth gap between the wealthiest and poorest households.
According to a report released last week by Oxfam, the richest 0.01 percent of U.K. households have an average wealth of $18.2 billion while the poorest 0.1 percent of households have a wealth of just $3.3 billion.
The report said that wealth is increasingly concentrated in the hands of the richest people in the country.
Billionaire hedge fund manager and philanthropist Bill Gates said in January that he is committed to creating a platform for poor people to build wealth through the use of blockchain technology.
He said in his statement that his foundation’s blockchain technology can provide the tools for wealthy people and small businesses to create wealth.
The launch of Buckingham’s wealth management solution comes at a time when the global wealth gap has widened sharply.
It reached $8.5 trillion in 2015, according a recent report from the United Nations World Economic Forum, up from $3 trillion in 2014.
In 2017, it reached $16.5 billion.
A total of $11.5tn is estimated to be held in the global financial system, according this report.
The U.N. report also noted that in 2015 there were 3.3 million people living in extreme poverty around the world, which was nearly four times higher than