I was meeting with a client recently and she asked if there was a listing of wealth management best practices; something to review and use as a tool to enhance her efficiency in managing and thinking about her wealth. The more I thought about her request I realized that this could be a useful idea for my wealth creating readers. So, Jodi, this one’s for you…and everyone else too.
- Have a “Plan B.” Significant market changes can create scenarios where your best laid plans no longer work. Are you ready to deal with that potential? Stress testing your estate plan and other strategies using contingency planning is critical.
- Have a copy of your financial plan where you can find it. It should include the names and contact information of your key advisors and professionals.
- Review your cash flow and net worth statements at least annually. Look for trends, concentrations, liquidity levels, lifestyle costs.
- Schedule time for a complete review of your estate plan and insurance coverage at least every three years.
- Review your financial goals every two years. Are they still relevant? Have you accomplished them already? Do you need some new ones? What do you want your life story to be in the coming months/years?
For the full list of 15 in greater detail, subscribe to the blog, shoot me an email (firstname.lastname@example.org) and I’ll send you the 15 secrets. For those of you already subscribing, let me know and I’ll send the list to you as well. Just our little way of giving back.
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One Response to “The 15 Secrets of Wealth Management”
July 21st, 2010 at 12:49 pm
How To Be Rich | The Wealth Clarity Blog Says:
[...] The point or outcome of proper “wealth” management is so you can lead a “rich” life. Wealth connotes money, investments, assets, property, and rights of ownership. (See my previous post on what wealth management means.) [...]