New to Wealth Management

Get the most out of your wealth

When you have already invested 10 lakhs or more, the impact of risk, diversification, taxes tech. becomes sizeable in absolute terms. Below are some important points to consider if you are new to wealth tracking & planning.

Assess your Assets and Liabilities

When it comes to managing your wealth, one of the first things you need to do is assess your assets and liabilities. This will give you a clear picture of your net worth and where your money is currently being invested so that you can start to make decisions about how to best move money to achieve your financial goals.

For example, you may decide to pay down high-interest debts when the return on certain investments are consistent. Reviewing and adjusting your investment portfolio is must as proper wealth management is an ongoing process, not a one-time event.

Financial Goals

Assess Your Financial Needs

No one knows your financial situation better than you do. Therefore, it is important to be honest with yourself when assessing your needs for wealth . If you have a complex financial situation, significant assets, or are simply not comfortable managing your finances on your own, then wealth solutions can be a valuable resource.

A good manager can help you develop a personalized financial plan, track your progress, and make adjustments as needed and also provide guidance on investment strategies and tax planning. If you need assistance getting your finances in order, don't hesitate to seek out the help of a qualified wealth manager.

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Risk Tolerance

Determine your risk appetite

Some of us are comfortable with a higher level of risk, while others prefer to play it safe. This difference is known as your "risk appetite." Some investments are more risky than others, but they also offer the potential for higher returns. Risk and return are strongly correlated meaning higher the risk higher is the expected return without a guarantee of the return.

Your risk appetite is influenced by a number of factors, including your age, investment experience, and the amount of capital you have to invest. It's important to take some time to understand your own risk tolerance before making any major financial decisions...


Never put all your money into only one asset class

As the old adage goes “never put all your eggs in one basket”, diversification meaning investing your money in multiple asset classes is the first principle of investment.

Here are a few reasons why you might want to spread your investments around. First, diversification can help protect you from losses in any one particular investment. If one investment fails, you will still have others that may be doing well. Second, spreading your investments can also help you maximize returns. By investing in a variety of assets, you can take advantage of different market conditions and potentially earn higher returns.

Finally, investing in a variety of assets can also make it easier to rebalance your portfolio as needed. By diversifying your investments, you can ensure that your portfolio remains well-rounded and aligned with your goals.


Review your investment regularly

Reviewing your investment regularly (monthly at least) is important for two reasons. First, it allows you to monitor progress against your financial goals and ensure that you are on track to reach your goals. Second, it gives you the opportunity to make changes to your portfolio if necessary.

For example, if you find that one of your investments is underperforming, you may want to sell it and invest the money in something else. Or, if you have a change in financial circumstances, you may need to adjust your investment strategy. Regular reviews will help you stay on top of your finances and make sure that your investments are working hard for you.


Plan your taxes

Filing taxes is a yearly ritual for most people, and it can be a daunting task. However, by doing some planning ahead of time, you can make the process much easier on yourself.

Consider using a tax preparation service. These services can help you to ensure that your taxes are filed correctly, and they can also provide valuable guidance if you have any questions. By taking some time to plan ahead, you can make the task of filing taxes much less daunting.

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