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You want to expand your riches, want your family to have a happy life, wish to travel the world, and enjoy your retirement with peace. Wealth management will ensure to fulfil all your dreams with financial planning.  
A wealth manager not only advises you on how to build up your wealth and manage the assets but also guides you on the returns and risks involved in various investment policies. The wealth advisor looks into your current financial condition, analyzes and discusses financial goals, and helps in minimizing tax strategy.  
One of the best decisions is choosing a wealth management firm—research well while selecting. Recommendations from family and friends can be valuable sometimes. Always compare and check the fees, client reviews, and communication flexibility. 
SEBI website in India helps you with a list of SEBI registered investment advisors; SEBI is the Securities exchange board of India. This will provide you with knowledgeable investment advisors.
Richard Branson, the British billionaire Buiseness man, says, "Do not be embraced by your failures; learn from them and start again". There are some common mistakes one should avoid in wealth management which are listed below.

  • Have proper clarity of your financial goals. Your neighbour's vision is not yours. Often people choose an investment path on a friend's recommendation. It's advisable to have clear investment goals. Clarity is essential to have the best investment plan suitable for you. Your goals can be children's education, buying a house, leaving an inheritance, etc. 
  • Nikita Mehta, after completing her MBA joined the family business and felt it unnecessary to approach a wealth manager or financial advisor for her investments. In due course of time, a large sum of money was wasted. Hence she realized that professional help is required. The wealth management services analyze your goals and provide you with appropriate plans. Hence the risk of uneconomic investment is less. 

  • Do not ignore the inflation factor. It is important in financial planning. For instance, if you depend on safe investments such as bank FDs, your return rate can go lower than the inflation rate.  

  • Start investing at an earlier age with a focus on saving. This helps in getting better returns. Selecting appropriate schemes can help in claiming a tax deduction. Also, if a faulty decision is made in selecting a plan with high risk, you have an opportunity to get recovered from it.  

  • Do not buy an insurance policy only for tax savings. Work out your strategies and research the various plans available with your advisor. Buying health insurance is necessary if you analyze the medical finances shooting up nowadays. It can be of great support in your retirement. If you are the sole earner in the family, it is advisable to purchase life insurance. 

  • Greed can be dangerous; it is an obsession with gathering more. In the bargain of accumulating more, you might end up with a heavy loss. Don't get tempted by the high returns that you overlook the risk involved. Money decisions are to be taken with proper financial analysis and the impact of the risk involved. 

  • Do not commit the mistake of not sharing your financial plan with your family. The inputs and views about the goals can immensely help you in taking the right decision. Give them knowledge about all your insurance policies, bank accounts, and investments. In case of your absence, they will take the right path with a wealth management advisor. 

After knowing about the common mistakes, one has to be very attentive to wealth management. It is a gratifying experience. 


TheFrames Team

TheFrames Team has versatile authors to write articles on any topic. They are continuously putting their efforts to put various Series on the website. They put 3-4 articles under each series.

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