According to John Bowen, co-founder of BSW Inner Circle and co-author of Elite Wealth Planning: Lessons from the Super Rich, “When it comes to wealth management, following in the well-worn path of the super-rich can enable successful people to significantly increase and protect their wealth. There are a number of lessons people striving for greater personal fortunes should consider.”
The following are often considered the five most important lessons you need to know to get the most benefit from wealth management.
Lessons #1: Learn best practices form the super-rich
Pay attention to the lessons o the super-rich. Generally, they came to their conclusions because those answers produce powerful results. Following in the path of the super-rich is typically an effective way to help avoid making costly mistakes and painful errors, as well as help, ensure you get the results you want.
Lesson #2: Work with top-of-the-line experts
Being methodical and thoughtful can help you find the top-of-the-line experts who can deliver the greatest value. Concentrate your search on experts who are prominent in their fields. Very importantly, talk to other professionals you trust. You can also solicit recommendations from your peers. These actions can dramatically increase the probability of working with an extremely talented, sincere, and trustworthy professional.
Lesson #3: Make sure your experts are focused on the human element
For the super-rich, attentiveness to the human element – the personal and emotional component – is essential. With all the legal strategies and financial products being commoditized, focusing on the human element is what truly produces optimal results. Therefore, you need to find and work with outstanding professionals who are intensely focused on you and your world.
Lesson #4: Make sure you understand what you’re agreeing to
You, like most of the super-rich, need to make sure you have a very good grasp of what you agree to when it comes to you financial and legal decisions. It’s not about being cognizant about the technical aspects of your wealth plan, for instance. Rather, it’s about understanding the benefits, limitations, and implications of the of the legal strategies and financial products you are using or going to be using.
Lesson #5: Trust, but verify
The super-rich are big proponents of Ronald Reagan’s dictum, “Trust but verify.” If you’re at all unsure or the least bit uncomfortable about a proposed wealth management solution or one that you are currently using, you should look for verification. This usually means getting a second opinion. Along the same lines, it’s generally a good idea to, when appropriate, stress test your wealth planning to help make sure it will deliver the results you want in the way you want.
Applying these five lessons in your work with your professionals will help you to maximize the probability of achieving all that is most important to you. This may be taking care of the people you love, helping the causes you care about most and making a difference in the world. Regardless of what motivates you, we encourage you to use these lessons to the extent that is right for you to receive the greatest possible benefits from wealth management in your own life.
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