“The key to success is often the ability to adapt.”
― Anthony Brandt

Over our lifetime, we embark on fulfilling educational pursuits and one or more vocations. Then we proceed to spend, save and invest to achieve and sustain a variety of personal and family goals. I recommend pausing a few moments every now and then. The aim is to examine how conversant and comfortable we are with the disciplined processes of managing family wealth over the long run.

A straightforward definition of discipline is: “train oneself to do something in a controlled and habitual way.” Investors face a host of bumps and curves as they muster their best efforts in search of that mandatory discipline. Managing personal wealth requires extensive expertise and the ability to consistently apply it to a host of family situations over long periods. It is quite easy to become totally wrapped up with just investing the money. That can become a full time mission on its own.

What’s involved

My primary goal is to provide coordinated, objective and unbiased advice pertaining to a half-dozen wealth management components. The likes of risk management, retirement aspirations, long-term investing, estate planning, tax implications and business planning stand tall as your six foundations. I view these as the core requirements. Each family seeks customized processes to fulfill its path realized over many years.

My wealth management processes are about appreciating and understanding where clients are in their lives. Our discussions develop in several directions. Where they are heading? What is important to them? What are the family implications? What it takes to achieve the personal objectives. What is realistic to accomplish. What time horizon is available. The answers vary all over the map.

I summarize my six core foundations:

1.) Risk Management

Managing risk is top priority for successful wealth management: year in and year out. Investors have a variety of requirements for preserving and growing wealth. Today, a substantial portion of the family assets is invested in securities. Everyone can face increased market volatility. Keeping emotions out of the decisions is fundamental. Managing risk never stops during the investing lifetime. I focus heavily on client comfort with the risks taken. My processes emphasize three vital issues: ability, willingness and need to incur investment risks.

2.) Retirement Aspirations

Achieving successful retirement is a goal for most families. In addition to managing the assets, the planning determines whether sufficient capital is available to fund retirement. It also establishes the target investment returns required to accumulate the portfolio and meet retirement income needs. Investors need to be forthcoming about changes in their lives, concerns, and dreams. After all, retirement planning is both an art and a science. You may need to adapt to changing situations.

3.) Long-Term Investing

Long-term investing is the core service sought by investors. It’s the process of managing family assets like stocks, mutual funds, bonds, cash and real estate. It seeks to achieve and maintain a specific goal, such as retirement. My disciplined investing sets out policies and strategies before the tactics. The processes include assessments of risk tolerances, lifestyle requirements, identifying saving capacities and time horizons. A prudent asset mix is then designed and implemented. Broad diversification and quality investments are part of the plan. Managing daily distractions from the crushing weight of information overload and headlines is a constant quest. Continue Reading…