Ron Gong, a managing director at financial management and wealth advisory firm Harris myCFO in Palo Alto, said wealth attracts service providers no matter if it's Silicon Valley or elsewhere. But the way people spend money and invest differs when compared with the dotcom era.
"Business models have been tested, and there is more experience," he said. "So more realistic assumptions and a return to business fundamentals are being used."
Gong, who has worked in the wealth management business in the area for 23 years, said much of the recent wealth creation in Silicon Valley had been driven by social media and related technologies.
Harris myCFO, which stands for "comprehensive family office," also has entrepreneurial roots in Silicon Valley. Gong said his firm was accustomed to working with the ultra-affluent who have at least $25 million in investable assets, and those who may not yet be in that wealth class but could be.
"Those are the people we want to work with closely and invest in them," he said.
Gong said he could not disclose whether his clients worked for the Silicon Valley social media companies.
But, he said, "We know all these companies very well, and being in the heart of Silicon Valley we are well-versed in wealth management issues that come about daily."