Wealth management, Patrick Dwyer Merrill Lynch’s area of specialization, is something that concerns every family in the modern world. A lot of things have an impact on wealth and how it grows or contract. It is very important to work together with a wealth manager, and particularly one that is experienced in family wealth, for those who want to make sure it grows. These professionals understand not just investments, but also the gamut of other financial services. Family wealth in particular is all about long term financial growth. While it may be stable in the present day, there is no guarantee that it continues to be so stable, and that is what wealth management concerns itself with. The factors that influence it include where the money came from and how it is used. For instance, some people inherit wealth, which is often invested in estate programs and trusts. In those cases, management is relatively easy becomes it is set as per the trust or program. However, even those need to be reviewed regularly to ensure they continue to be fit for purpose.
Patrick Dwyer Merrill Lynch on Newly Acquired Wealth
When someone hasn’t grown up being wealthy, or has never had to manage their money themselves, suddenly being landed with this responsibility can be difficult to deal with. It is not unheard of for people to squander all their money away. For instance, people who have won the lottery have often been declared bankrupt within just a few years. This is simply because they didn’t receive sound advice from wealth managers on how to stabilize their finances and ensure it continues to grow.
Good wealth managers are those who have a lot of experience and who have a range of financial specializations. They go above and beyond what a financial advisor does and it is therefore very important that people properly consider who they entrust with their wealth. Commonly, wealth managers work in teams, with each individual having experience and expertise in a different element of finances, such as banking, investments, or insurance. They also have the necessary links with other professionals, such as brokers and real estate trusts, with whom they can ensure the money is invested properly and that it can grow.
True wealth managers know that they do not know it all. Instead, they seek out the people who do know all there is to know about different elements of wealth and bring it all together. This is why someone who is new to wealth should avoid working with a single financial planner, choosing a wealth manager instead. In so doing, they will ensure their money works for them and will continue to grow. Additionally, it will ensure that the rights investment opportunities are chosen for them from the perspective of their own personal financial needs. Essentially, it is the only way to truly secure a stable financial future. Should you have come into money, therefore, make sure you find a wealth manager to help you manage this.