I can’t tell you how many people come to me who are average, everyday people who don’t even have wills. And they say “I don’t need a will yet. I don’t have an estate issue.” Yeah, well, who’s going to take care of your kids? How are you going to transfer? Make sure that everything is done to your wishes? Do you have a health care proxy? These are all wealth management issues, not investment issues. But they have huge ramifications to whatever you amass during your life.
Marc Lowlicht,
Wealth Management Division Head
Further Lane Asset Management
For starters, wealth managers are actively involved in their client’s retirement planning. This can mean, among other things, updating and changing your client’s investment profile based on where they are in their life cycle, with older customers being moved into more stable environments. Wealth managers also coordinate with accountants and attorneys. In addition, they help with trust planning, insurance requirements and managing client’s risks.
In terms of nest egg, people need to understand that they need this money to produce income during retirement and this is why even middle-class or lower-class people should consult with financial planners.
A financial planner would immediately start saying: “Wait a minute, the first thing you need is an income. And then we’ll worry about your wealth.” These are things wealth management takes into account that investment management doesn’t.
Wealth management is not only about picking investments and making sure the allocation is consistent with time horizons. Such is especially important now. Because in these days of disappearing pension plans, we are all required to become our own defined benefit plans.
Dear Friends:
Pru Life UK is privileged to have Atty. Danny Chan talk about Wealth Management & Estate Planning on March 29, Sat, 2pm at Room 4 10/F SSHG building, Paseo de Roxas Makati City.
With this, I would like to personally invite you to take hold of this opportunity. Attendees will learn much from this talk and be made aware of the solution to paying their estate tax. The seminar is FREE so I advise you to RSVP as slots are going fast.
For all interested parties, feel free to PM/text/email me. I am looking forward to your attendance.
Kind thoughts,
MissTolentino.com
Reference:
Forbes.com – Why you need a Wealth Manager; David Serchuk (March 25, 2009)
