What Could Go Wrong?
Three of the most common risks faced by wealth owners and managers are:
01 Illness, Injury, Death
What happens if you fall seriously ill, become incapacitated or hospitalised, or worse? Or if you get divorced, remarried, have more children or grandchildren, and want to make changes to your investments and estate plans that involve changes to who has access to your assets?
Will the right people have—or know how to get—access to your portfolio to ensure your investments are managed the way you desire? Or will they have to struggle through red tape and incur unnecessary legal and tax burdens?
02 Digital File Corruption
What happens if your spreadsheet or related files are corrupted, deleted, or hacked? How long will it take you to track down the missing information and put everything in order?
Your files might be irretrievably lost. And even if they are just partially damaged, the extra time needed to find and update them will distract you from other things you might want to focus on.
03 Missed Opportunities
Even if you do not suffer a health or digital mishap, you could be “leaving money on the table” by not holding the right assets at the right times. Do you have insights into market trends and patterns, dividend payments, and future cash flows? How confident are you that you have the right amount of liquidity? Are you on top of capital calls across your investments?
Private equity, hedge funds, and real estate can offer diversification benefits and potentially higher returns. However, you need to effectively track and manage such assets to stay on top of emerging opportunities and maintain regulatory compliance.
Facing all three of these types of risks, having a robust wealth management platform can make all the difference between financial success and uncertainty.
Protect Your Wealth With a Wealth Management Platform
A wealth management platform can help you safeguard and potentially grow your wealth. Here are just a few ways you can benefit from one:
- Store files with relevant documents, such as receipts, directly attached to specific wealth items to easily locate important financial data.
- Ensure secure access with up to three-factor authentication via your pre-approved devices.
- Provide access to specific data on a “need to know” basis, even at short notice, without having to slice and dice your spreadsheets and risk sharing the wrong data or messing up formulas.
- Immediately update specific individuals’ access with the peace of mind that no copies of your portfolio data are being improperly stored or circulated.
- Receive alerts and get a forecast of upcoming events to keep the broadest range of opportunities at your fingertips.
- Share information with your designated beneficiaries in a secure, web-based platform that presents data in a way easily understandable to digital natives.
The consequences of not having such a platform to support your wealth management can be significant, both to you and to those who will manage your legacy in the future. Why not give yourself and them an easy way to avoid these consequences? Don’t invest your valuable time grappling with Excel when you don’t have to.
