Why Wealth Management

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June 30, 2020 | | Personal Finance |


 Wealth management can do a lot as a helping hand for your financial goals, offering you stability and freedom especially in your retirement years. Wealth management to not be confused by some, is more of a holistic approach compared to other investment options. You will more likely to benefit from a holistic approach that ties together several services to meet your specific financial goals. This means that you no longer have to integrate different sources and digesting all the information without a professional opinion.

There is a misconception that you need to have a lot in the bank to be able to take your first step in financial planning. By selecting an appropriate option, it will allow you to earn returns that matches your objectives. Here are a few pointers we have for you to begin your wealth management journey with a management firm:

1. What is in your best interest 

One factor which a lot of people overlook when choosing a management firm is their business structures and yes, this matters to you. Key aspects such as whether the firm is privately or publicly held, the structure of their platform and their core business strategy could all factor in with how they manage your wealth. 

For example, publicly held firms may face quarterly return pressures which may impact the type and timing of the investments suggested to you. Whereas a firm with proprietary investment vehicles, from which they incur fees, may have inherent conflicts of interests in the advice you receive. This is one of the main reasons why we stress upon finding a business model that aligns with the objectives you seek.

2. Find a firm that always make time to understand 

Having an understanding of the firm’s approach to their client’s service model is a good precursor of how you will be treated. Your wealth management manager should be very familiar with your needs and have a deep understanding of your goals and aspirations to pave the correct path in guiding you to it. The client service model is a good indicator of what type of relation that firm intends to foster. 



3. How can we make the best out of your wealth

A wealth management firm’s investment approach is an essential area to consider. Do your research and ask questions when you are meeting with your wealth manager to ensure that they are placing your wealth in the right places. Some basic questions to keep in mind are:

  • Does the firm only offer internal/ proprietary investment opportunities?
  • Is their investment approach customizable or model-based?
  • What are the investment firm offering?

The answer to these questions will determine if there is a wide enough range of investment opportunities and the cost of these opportunities.


4. Going above and beyond for you

A wealth manager’s breath of service is critical area to evaluate. A firm that provides a full length of service will be more likely to better meet your needs as your financial picture grows and changes over time. It is ideal for a firm which possess the capabilities that handle traditional investment opportunities but is also flexible and experience in fiduciary matters and competent of holding assets in trusts such as real estate, privately held companies or other asset classes. The capabilities of your wealth manager in developing teas-efficient strategies for transferring your assets to the next generation is something to keep in mind which selecting a firm that meets your current and future needs. 

5. A firm that understands you 

Choosing a wealth management firm that has the proper cultural fit for you is important as it will influence the trajectory of your legacy. It is important to choose a firm that shares the same investment beliefs as you. If these believes align, they will have a better understanding of your current portfolio and your vision and how to grow it.

With all these in mind, take your time in choosing a right wealth management that caters to all your needs. A good wealth management firm accompanied with reliable financial advice will help you grow your wealth in the long-term.

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