Читать книгу Wealth Management Unwrapped, Revised and Expanded - Beyer Charlotte B. - Страница 6

For those families and entrepreneurs interested in preserving their wealth and fortunes, this is a must‐read book – not a prescriptive manual, more a dramatised documentary. Here is the proper distillation of experience that Charlotte Beyer has gleaned over 40 years of working with private investors. Staying rich and growing financial wealth successfully over an extended period of time is no easy task. The skills needed to manage and oversee a diverse pool of financial assets are different from those required to manage or sell a family business or other significant concentrated asset – a job for which most individuals have received little or no training.

Following the extraordinary transition of wealth over the past fifty years from one generation to the next, the marked changes in the financial services landscape and the events of 2008 in the financial markets, private investors have been forced to address numerous concerns within their portfolios. The past five years have challenged traditional thinking about investing and asset allocation, diversification and correlation. For individual investors, risk tolerances have been tested, investment assumptions have been overturned, and fundamental truisms have been questioned. For this reason wealth managers must be prepared to respond to a greater need by clients to understand, access, and communicate with advisors regarding their current relationship as well as the products and services that may satisfy future needs. Moreover, advisors must have sufficient information, from objective sources, regarding all products and services owned by their clients to answer enquiries relating to performance and degree of risk – at the client, portfolio and individual‐security levels. This state of affairs poses a dilemma for wealth managers who, for a generation, have adhered to the core principles of asset allocation and earned their keep by preaching the mantras of “Buy and hold,” “Invest for the long term,” and when things get tough, “Stay the course.”

The key to following best practices starts with having a formal process. Now more than ever the value and importance of education for investors and advisors has increased immeasurably. A pioneer in recognising these challenges and setting out to deliver answers for both communities was the Institute for Private Investors, the membership organisation that Charlotte Beyer founded 27 years ago. Along with the Investor Education Collaborative, which has been providing experiential investment education since 2004, enabling investors and advisors to benefit from the learnings of their peers, these two organisations have continuously set the benchmark for others to follow.

The importance and contribution of private investors to our society and economy is increasingly being recognised, so Charlotte’s insights and sound recommendations appear at a prescient time. My hope is that private investors and advisors alike take note and act on them.

Dominic Samuelson

CEO, Campden Wealth