Running significant wealth is complex, you are often getting advice from multiple advisers and it is hard to ensure that you keep your long term goals in mind. Without a strategy and a framework, you can end up with a mishmash portfolio which causes stress and does not achieve your goals. Without a private wealth plan it is easy to be paralysed with fear or swept up by exuberance when markets move. Your private wealth plan defines your focus, and guides you through when conditions change. 

A well written private wealth plan takes careful consideration and strategic thinking

Your private wealth plan gives you structure to your decision making and it’s your north star under all conditions. It gives clarity and transparency on what is important to you and sets out how the wealth will be managed. 

The process of developing your private wealth plan, gives you the opportunity to engage all the important people in your wealth, be it partners, children, grandchildren. It gives them the ability to be involved and have input to sculpt the broad strategic direction. It will enable you to articulate your core principles and beliefs that guide how your wealth is constructed and managed. 

Your private wealth plan is not just about growing your wealth. It is also about protecting your wealth. It is a holistic plan which covers everything from your goals and values, through to how to introduce the next generation to your wealth, asset protection and your estate plan.

Reporting is an important part of your private wealth plan

Thorough and regular reporting gives everyone, including your advisers, something by which to track progress. As they say you “what gets measured gets managed”. Reporting holds everyone to account and ensures that your positions remain relevant as conditions change. 

Remember, developing a private wealth plan is a dynamic process that requires ongoing monitoring and adjustments. However, having a framework and structure to managing your wealth will help to keep everyone on the same page and progress you towards achieving your goals. If you would like help in developing your private wealth plan please contact us here.

Kind regards,

Shelley Marsh
Outsourced Chief Investment Officer (OCIO) & Founder
Wealth Differently

General Advice Warning: This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. It does not represent and is not intended to be personal advice.  Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.  We strongly suggest that you seek professional financial advice before acting.

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