Why Do We Need a Wealth Manager ?

Oct 29, 2013 No Comments by



Research has shown that people who plan for the future end up with more wealth than those who do not. Goal oriented people are always more successful.  They set goals and develop a plan to achieve them. For example, if you set a goal to pay off your home loan in ten years, you’ll have a better chance of achieving this goal if you plan for it now rather than you merely said you wanted to pay off your home loans, without a Pre-set timetable.

Therefore financial success largely depends on planning. But financial planning itself is a complicated procedure, requiring a lot of skill time and patience. This is the reason why, most people refrain from taking serious step towards financial planning until its too late.


But even when people plan they tend to fail, and it’s not hard to figure why it is so. 


1)      Most people do not have adequate knowledge about the markets.

Unlike most things the financial system is not something that cannot be understood merely by reading about it. It requires more of a hand on, practical approach. It takes time, effort and experience to understand the financial system.

2)      People plan but their plans don’t work out as they had planned.

The financial system in India and all over the world is subject to continuous change. These changes are caused by macro-economic as well as micro economic factors. There is always something new happening in the market. One needs to keep a keen eye on what are changes that are taking place. Most plans fail because they have not changed according to the changes in the system. Therefor financial planning is not a one-time act rather it is a continuous process.

3)      Unrealistic goals or lack of focus.

Strategic plans must be focused and include a manageable number of goals, objectives, and programs. Most people set unrealistic goals with high expectations. These plans are bound to fail.

4)       Planning for the sake of planning.

Most people put in the effort to create a plan but don’t actually put it in to effect. They usually do not have the discipline to see it through.


The people are not completely to be blamed.

1)      Not very one can be expected to have knowledge about the financial system when it’s been clear that such knowledge can only be acquired through experience.

2)      Not everyone has the time in their hectic schedule to follow the markets, observe the changes and make the relevant changes in their financial plans.

3)      It is usually easy to aim high, to capture the spirit the over achievement. Therefore it’s not difficult to set unrealistic goals.

4)      People already have a lot to do. Seeing through a plan can’t always be one of those things. Focus is usually directed towards the most urgent issues. In such a case plans do not fall into to the things to do list.


Wealth managers

It is said that every dark cloud has a silver lining. This is very true when it comes to financial planning. Wealth managers are trained skilled and devoted people who put their time and effort into creating the most effective tailor made plan for a person and make sure that the plan yield fruitful results.  Therefore a wealth manager is the answer to those people who have been looking for an effective financial plan that suits their exact needs.

India is quite different from what it was 20 years ago when banks, fixed deposits and post office were all that was required when it came to investments. The method of spending has changed, inflation has an ever increasing presence and now people have less time than they did before. Hence wealth managers in today’s world are becoming a necessity, an unavoidable asset.

To find your wealth manager, log on to www.redloungewealthmanagement.com


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