If you’ve ever gotten fitted for a suit or a dress, you know it’s quite the experience. A tailor invades your personal space to take measurements of your arms, your legs and your chest, and then they’ll use those measurements to craft an outfit that fits just right.
A wealth manager will do the same thing for your finances. They’ll get to know you and your financial situation and then craft strategies and a game plan that makes sense for you.
How exactly will a family wealth management help you get to where you want to go? Here are some of the strategies a wealth manager commonly uses to advise their clients and help grow and protect their wealth:
Set financial goals
Whether you want to travel the world in retirement or start a nonprofit organization (or maybe both), a family wealth manager can help you set clear goals that will bring you closer to making your dream retirement a reality. After all, a dream without a plan is just a wish.
Maximize your investment options
Like most investment professionals, a wealth manager can help you pick and choose growth stock mutual funds that have a long track record of success and will help your money grow. They can also help you explore other ways to grow your money, such as real estate investing.
Optimize your tax situation
Most people who need wealth management are likely to be in the highest tax bracket, which means they’re sending a good chunk of money to the collectors! Wealth managers can help you find smarter ways to approach investing that will help you keep more of what you earn instead of losing it to taxation.
Get the right insurance in place.
If your family's net worth is above $500,000, you’ll want to take a look at umbrella insurance, which is an extra form of liability insurance that protects you from large claims or lawsuits. One bad car accident, for example, could lead to millions of dollars in damages and injuries that could leave you digging into your retirement funds or going back into debt to cover the costs. Umbrella insurance can shield you from a hailstorm of hefty legal bills!
Create or update an estate plan
There are too many families ripped apart because someone in the family died, and they didn’t leave clear instructions for how to divvy up what was left behind. Don’t let that be you. Good estate planning means having a plan in place for all your stuff once you pass away. That means everyone knows who gets what! To be clear is to be kind, and a good wealth manager can help walk you through the steps of creating a good estate plan.
If you are looking for family office services in Singapore, visit our website now and let our wealth experts help you today.
