The Growing Concern for Long-term Financial Stability

The goal for a large majority of individuals in today’s society is to achieve maximum financial stability in the shortest period of time possible. However, most do not achieve this goal as expeditiously as they once had hoped. It is for this reason that a majority of individuals view their success in relation to what one obtains in the form of both material goods and financial acquisitions. Does the acquisition of material goods or financial gains insure financial stability? Is there peace of mind for an individual once these goals of procurement are achieved? Is there anyway to insure financial peace of mind? The simple answer would be to become a professional athlete, to win the lottery, or marry into Bill Gate’s family. However, these are all long shots for a majority of the world. But even these do not guarantee long-term financial stability. That is why it is becoming increasingly important to possess a high level of competency in the area of wealth management.

What exactly is wealth management? Wealth management is the proficient administration of one’s total assets through financial plann

ing and accurately allocating wealth to achieve a financial goal. Financial planning integrates the execution of various financial services, which promote growth, and stability of an investor’s wealth. Planning is differentiated according to the specific needs and focus of individuals. A high-net-worth individual would bear distinct goals that differentiate from that of a small-time investor. Albeit that these investors may have unique objectives, the necessity for a competent provider of such financial services is evident. The world of finance is unpredictable and continuously shifting. Investors find themselves overwhelmed by intimidation caused by the perception that investment firms are bottom-line oriented with no regard to their personal financial goals. As a result, investment firms are making resilient efforts to educate investors and offer them extended financial services. These services are specifically designed through a financial plan, which caters to the individual investor.

It is the fiduciary responsibility for investment firms to act in the best interest of their clients. As a result, they first must build a sturdy foundation in which to manage the client’s assets and increase wealth accordingly. Financial investment firms formulate specifications, which are tailored to the individual through a financial plan. These strategies take into account the individual’s current financial situation and focuses on how to achieve the goals set by the investor. Sean Doyle, an Associate Financial Consultant for Merrill Lynch, listed three main types of investment strategies, which are commonly used for building portfolios. These types of strategies are all geared towards specific types of investors ranging from aggressive to conservative. Growth strategies are geared towards the aggressive investor and are highly volatile. Income strategies have the lowest volatility and are based on the idea that an investor will make regular capital gains. The investor uses this type of strategy as a form of income. Growth and income, the third strategy, incorporates both growth and income that combine capital appreciation and a consistent return on investment. However, these strategies are only a small representation of how investment firms are personalizing services for individual investors.

Financial investment firms provide investors with numerous services in addition to investment advising. They provide experts in virtually every aspect of the financial worl

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