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Why is it important ?. Wealth Management is a holistic approach that helps you get to where you want to be financially with minimum risk whilst maximizing your resources. The main reason for personal wealth management is to ensure that the financial needs arising from different events in life can be matched with availability of resources. It involves three processes, Estate Creation, Estate Conservation and Estate Distribution. The Forces and the elements surrounding it demands that the three processes be managed simultaneously. 

A significant event in life occur when your child reach tertiary education level. The cost of funding a child who would be teenager could be quite alarming. It is an important aspect to look into as the amount could reach the six figures annually. This phase of your life you need to start working on Tertiary Education Funding and  juggling Cash Flow management with Debt (Loan) management  and Lifestyle - Standards of Living are major concerns to cope with.

Risk Management becomes at great influence to your estate. Assets you worked hard to acquire and purchase should have a program to ensure their value and worth. Remember your greatest asset is you and you are all you've got.

Investment Planning When you invest in equities, fixed income securities you make a distinction from leaving your money in a bank savings account or fixed deposits. There are different sets of rules for different investment vehicles so it is important that you understand and play by those rules so that you do not get burnt. Your risk tolerance and time horizon are important elements to consider as they will determine your asset allocation strategy

Tax Planning. Self Assessment is effected. What this means is that the onus of declaring every taxable income rest on the tax payer. You need to have a thorough understanding of these laws so as to enable you, a tax payer, to arrange or rearrange your tax affairs within the parameters of the law. 

Retirement Planning The other significant event in your life is when you reach retirement age. The financial needs arising from this event can be rather challenging to meet. Lack of planning here would result in a big slice of this "Nest Egg" to finance children's education. Both events should be plan ahead separately so that the perceived needs from these events can be matched by the available resources when the time arrives. One more area of deep concern as it can "chunk" out a substantial amount from the nest-egg is Healthcare Planning.

Estate Planning takes three stages. Beginning with Estate Creation in the early part of our independent life (pass 21 years of age) it continues till mid or late 40s. From age 50 onwards comes Estate Conservation till probably pass 60. This stage of conservation really needs a good strategy usually planned when one is at the 30s. Then comes Estate Distribution, which is the third and most important aspect of Financial Planning.

Here are some tips on choosing the right Financial Planner (Source: The CFP Board) First Know what you want. Determine your general financial goals and specific need. This will help you better focus your search for a suitable financial planner. Be Prepared Read up personal financial publications to be familiar with financial planning strategies and terminologies. Talk to others. Get referrals from advisors you trust, and from business associates and people who know what they are talking. There are "quake" as well in the industry. Look for Competence A number of specialty designations exist in the financial planning and services professions. Choose a financial planning professional who has demonstrated that he/she has met standards of financial planning competency and is committed to ethical behavior and practice. Interview more than one planner. Ask the planners to describe their educational backgrounds, experience and specialties, the size and duration of their practice, how often they communicate with clients, and whether an assistant handles client matters. Make sure you feel comfortable discussing your finances with the planner you select. Check the planner's background Depending on the financial planner's area of expertise, call the securities or insurance departments in your country regarding each planner's complaint record. Know what to expect Ask for a registration or disclosure statement detailing the planner's compensation methods, conflict of interests, business affiliations and personal qualifications. Get it in writing Request a written advisory contract of engagement letter to document the nature and scope of services the planner will provide. You should also understand whether compensation will be fee or commission - based, or a combination of both. Re-assess the relationship regularly. Financial planner - Client relationships are often long term. Review your professional relationship on a regular basis and ensure that your financial planner understands your goals and needs as they develop and change over time. Ideally you should meet up once at every six months interval.

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