When the term “high net-worth individual” comes to mind, there is a common tendency to think that these individuals have no problems as they live lives of luxury. However, in s, having a large amount of wealth is far from being a status that is carefree, according to wealth management expert Grace Jackson. When you own wealth, you also need to take great care of it: That is where wealth management comes into play.
What is Wealth Management?
Wealth management is not to be confused with investment management, which generally involves choosing the best exchange-traded funds, bonds, mutual funds, and stocks. Wealth management is about realizing your priorities and being proactive about your retirement planning, which may include having your investment profile changed and updated based on your age. For instance, the older you get, the more you should be moved into investments that are more stable.
If you have developed a large amount of wealth, you likely initially pursued it for a certain reason: for instance, to enjoy financial stability and security, to start a business, or to take care of your children. Wealth management allows you to continue to be proactive and purposeful with your wealth after you have attained it. Through counseling on how to tackle debts, the proper investment advice, or even help with taxes, having a wealth manager in your corner can help your vision to become a reality.
Why is Wealth Management so Critical Today?
The answer to this question can be found in one of the most exciting yet simultaneously scariest terms an adult could utter: retirement. Retiring is a wonderful experience only if you feel financially prepared for it. The cost of living continues to rise, and since you do not know how long you will live, determining how much wealth you need for your golden years can seem like an impossible feat. Through wealth management, however, you can increase your chances of being prepared for the unexpected in your latter years and truly live the remainder of your life to the fullest.
Read more about Grace Jackson suntrust‘s wealth management advice, here.