Jackson Hole is not just impressive for its awe-inspiring physical beauty. It is also remarkable because of everything Jacksonians have made of this rugged place through their drive, intelligence and very hard work.
It’s not that how we all make a living here in Teton County is perfect, or that we don’t have a set of problems like housing affordability and good long-term employment opportunities that we need to keep working on. Those hurdles remain and deserve our attention and collective efforts.
But the big picture is that Jackson Hole is a thriving, dynamic community with bright prospects even against the backdrop of a difficult and rapidly globalizing economy. That is something we should celebrate, even as we grapple with our challenges.
For your Jackson Hole wealth management needs, you can be sure that we understand where you are coming from because we are your neighbors. Learn more about our Jackson Hole wealth management operations here. Visit our Jackson Hole page.
The Jackson Hole Resort Economy: Upsides and Downsides
We all know what resort economies around the world look like: Beautiful amenities, expensive housing, low-wage jobs. Our predominant industry is perennially cited as both a blessing and a curse. However, in a time of technology-driven changes to the global and national economy, Jackson is transitioning from being a place that gets by on its good looks to a community of real growth and dynamism.
A digital, knowledge-based economy demands connected communities where highly educated workers and entrepreneurs actually enjoy living. One writer has called natural recreational amenities coupled with a business-friendly regulatory climate “the 21st century equivalent of New York Harbor.” If that’s so, we have everything we need to attract new full-time residents who will contribute greatly to our economy.
What “entrepreneurship” means has shifted remarkably during the Internet era – and not just toward technology start-ups. In a world where a remarkable volume of resources can be accessed and coordinated online, it’s increasingly possible for companies (including companies that make physical products) to be headquartered wherever their founders want them to be. Today’s value-generators want to live in communities like ours with physical beauty, great educational systems, low crime, great cultural institutions, and meaningful outdoor recreation opportunities.
Not to mention, living in communities where the efforts of the company’s founders and builders are welcomed and valued. Jackson is just that kind of place.
For entrepreneurs and company owners, it pays to have a local, Jackson-based wealth management firm that understands their concerns and needs: http://www.entrepreneur.com/article/233995.*
Jackson Hole Financial Planning Can Drive Results
It takes money to make money, the old adage says, and since that’s the case, Jackson’s ability to attract increasing numbers of successful families as full-time residents is giving us an increasing base of capital that can be put to work in growing local enterprises.
Wyoming’s traditions of privacy, low taxes, and favorable trust and estate laws have helped create an island of stable refuge for high net worth families. We don’t have a state income tax, of course, which represents an enormous difference with California’s 13.3% top rate, or New York City’s 12.7% rate, and we have trust laws that can help protect a family’s assets for the benefit of future generations.
Given the six months-plus-a-day test for determining state residency, we’re seeing increasing numbers of former vacation-only residents explicitly spending the majority of their time in Jackson. That means more economic activity and more money flowing through our economy, and continuing tax hikes in major population centers seem to conspire to work in our favor.
While there are cautionary notes about the effects of the influx of significant wealth into our community, we feel it’s a good problem to have that in Jackson we’re working to address the challenges of too much capital rather than too little.
We’d love to become your Jackson Hole wealth management partner.