Wealth Management is a critical function for any investor. Once you have implemented your Investment Advice, monitoring, reporting and ongoing transactional capability are all important. Strategic Wealth Management means having access to your investment information in a timely manner, that is easy to understand, that is comprehensive and accurate.
Wealth Management should be as simple and as time efficient as possible for the investor. When markets are moving, when investment opportunities arise, when liquidation of investments is needed or for any other reason, an investor needs to be able to get their hands on information about their portfolio as quickly as possible to allow them to make effective decisions. A Wealth Management system should facilitate the investor’s Wealth Creation Strategy by keeping the workload on maintaining the investment portfolio to a manageable level.
A common approach for investors is to use an online service to assist them in their Wealth Management objectives. Nowadays, most superannuation and investment providers will give their members access to an online portfolio which enables them to view and manage their investments through a simple interface.
The characteristics of a premium Wealth Management service include:
- Monitoring – the system should be able to give you up-to-date valuations of your investments. Sometimes features include a breakdown of your assets into asset class (such as Australian equities, International equities, bonds, property etc.). Some systems can be set up to generate an email alert when certain price levels are reached, providing the investor with timely information to facilitate further investment decision making.
- Reporting – the ability to generate reports is common. Reports will include portfolio valuation, asset allocation, transactions, realised and unrealised capital gains tax to name a few. The best tools will provide comprehensive year-end tax reporting on a consolidated basis for your accountant, ensuring accuracy of your tax reporting obligations.
- Transacting – most systems allow some transactional capability, including buys/sells and switching. It is also common to set up default sell or investment profiles so that as cash either comes into or leaves your account, the necessary buys and sells can be conducted according to your instructions without your manual involvement. This can be extended to force your portfolio to be rebalanced according to a specific profile at certain times or after certain limits are exceeded, a feature that can assist the investor to keep their portfolio aligned with their original asset allocation and manager selection targets.
At Blueprint Wealth our professional financial advisors will help you manage your wealth and grow it. A trusted advisor will assist you in achieving your long-term wealth goals through dedicated wealth management advice. Call us today or contact us via the form below.