26 Jun Top 5 Secrets of Wealth Management
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. Here’s the top 5 from my perspective:
- 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?
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