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In today’s turbulent times, looking after your wealth and assets properly is essential. Wealth management is one way of ensuring your savings and funds are working for you, even in difficult times.

This guide covers everything you need to know about wealth management. In the following sections, you will find a description of what wealth management is and five reasons why you should consider it.

Wealth Management – What is it?

Wealth Managementtakes a focused approach that centres on managing a financial portfolio to ensure it meets an individual’s financial targets. Successful wealth management covers aspects like – pension planning, investment advice, and inheritance management.

Top Reasons Why Wealth Management is Important

Any person or business with funds and assets to protect should consider utilising wealth management services. Fundamentally, professional financial planners specialise in making the correct financial decisions that will protect and grow your wealth.

In stable times, this is an important service. In turbulent times like we face today, having a specialist on your side is critical. Here are five compelling reasons to consider using wealth management:

Reason 1 – Managing risk and avoiding unnecessary risk

One of the critical functions of wealth management is to understand an individual’s tolerance to risk and to ensure that portfolio investments are contained within their “risk envelope.”

There is risk involved with any investment. Wealth management seeks to understand what risk clients are willing to expose themselves to and to ensure that investments are optimised to work within these limits.

At the core of this function is the necessity to avoid reckless and burdensome financial decisions that can cause financial losses and debt.

Financial Architects talk about risk tolerance which is how much downside can you handle. We also talk about Capacity to take risk, which is have you got the financial wherewithal to take risk.

Reason 2 – Maintaining your wealth

A lifetime of hard work and planning is often behind an individual’s financial standing. The dividend of this work is an enjoyable and fulfilling lifestyle. Wealth management services are there to ensure that the wealth people worked long and hard for is maintained despite fluctuations in markets and volatile social & economic conditions.

Wealth management services look to ensure that your wealth is secure and that your portfolio can safely navigate market fluctuations and financial world changes.

With over €140,000,000,000 in personal deposits in Ireland, are your deposits making cents?

Reason 3 – Working towards a secure future

Wealth management professionals work closely with their clients to ease the inevitable stress and anxiety over their future financial position.

Good wealth managers are aware that their client’s wealth is more than just numbers on a balance sheet. Contained within those numbers are their hopes and dreams that took a lifetime of dedication and hard work to achieve.

Having a financial planner on hand that can help you make the right decisions to protect your future and the financial freedom you work towards.

Reason 4 – Maximising the returns on your investments

Financial markets and investment schemes are volatile and littered with pitfalls. Ensuring that your wealth is working for you and the returns are maximised is almost impossible without the involvement of experts who understand the financial mechanisms and strategies that can maximise your return, regardless of the prevailing circumstances.

This is what a good wealth manager brings to the table. Using a wealth management service brings a breadth of knowledge and a “wealth” of experience that ensures your return on investment is maximised.

Financial Architects take the view that markets continue on a permanent upward trend, however every now and then they react to the news, if it is bad the markets drop, if it is good the markets rise. 

Reason 5 – A flexible approach to protecting wealth

In life, you never know what is just around the corner. A wealth manager is always on hand to make sure that no matter what curveballs life throws at you, your wealth and assets continue to prosper.

Whether it is a loss of employment, a change of personal circumstances, or a failed business venture, life is not always plain sailing. Wealth managers work seamlessly with clients to ensure that whatever drama life is inflicting upon them, their financial goals remain on track!

The Bottom Line

Wealth Management is an essential service if you want to protect and maximise your assets. Using wealth management services doesn’t just look after your money. It also provides the peace of mind that comes from knowing you have professionals looking after your future plans and lifestyle aspirations.

At Financial Architects, our Wealth Management services are highly tailored for each individual. This means that regardless of your circumstances and intentions, our wealth management services will help you achieve the financial status and security you seek.

Call us today to find out more about how our decades of experience can help you get to where you want to be.