Strategies for Simplifying and Increasing the Effectiveness of Wealth Management

Abstract

The ongoing demands of managing significant wealth can be overwhelming. In addition to performing high-level tasks, such as creating an investment policy and a charitable giving strategy, high net worth individuals and family office executives routinely contend with tax filing deadlines, recordkeeping responsibilities, and the coordination of multiple advisors. Developing and adhering to a long-term plan and an annual timetable, however, can mitigate the burden of wealth management, improve decision-making, and potentially avoid costly mistakes. This article details steps that wealthy individuals and their advisors can take to increase the efficiency and effectiveness of their wealth management efforts. For large families, these guidelines may also provide a framework for bringing family members together on a regular basis to review and update goals, investment strategies, and estate plans.