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Wealth Management Unwrapped, Revised and Expanded

Book Description

You are the CEO of My Wealth, Inc. — so Take Charge!

Wealth Management Unwrapped provides you with the tools and tips you need to take back control and more effectively manage your money. Wall Street veteran Charlotte Beyer conducts a tour of the wealth management industry, guiding you through the complexities and jargon with straightforward, no-nonsense expertise. From choosing an advisor and understanding the fine print, to fulfilling your responsibilities as CEO of My Wealth, Inc. this book offers all-in-one guidance for anyone ready to take charge of their finances. This revised and expanded version has been updated with NEW information, for women investors who seek the best advisor, older investors who confront investment choices, and a discussion on both robo-advisors and the impact of your wealth on your children. The companion website includes new interactive diagnostics to help you get started, assess your progress and then see how you compare to others who face similar challenges.

By stripping away industry tech-speak and the all-too-common self-promotion, you will:

  • Understand the difference between advisor and money manager
  • Learn the best questions to ask when interviewing an advisor
  • Dissect fee disclosure statements and conflicts of interest
  • Find out if you might be a do-it-yourself investor and learn why that might make sense for your personality

The wealth management industry has undergone massive change over the past 25 years. New services or products spring up, yet impenetrable language and marketing hype leave you with precious little practical information. In two or three hours of reading made easier thanks to the bold, often amusing illustrations, you will be a far smarter investor, not by learning the jargon but by applying common sense and insisting on clearer communications from your advisor. You and your advisor can create an even stronger and long lasting partnership by reading this book together. Wealth Management Unwrapped is like a powerful GPS, whether you're a novice or sophisticated investor, offering you a much clearer view of how to fully realize the dreams and goals your wealth now affords you.

Table of Contents

  1. COVER
  2. TITLE PAGE
  3. FOREWORD
  4. INTRODUCTION
  5. ACKNOWLEDGMENTS
  6. ABOUT THE AUTHOR
  7. PROLOGUE
    1. What I’ve learned—my unfinished business
  8. CHAPTER 1: Who’s in Charge of My Wealth, Inc.?
    1. So, who is responsible?
    2. Is the customer always right?
    3. Who’s brave enough to tell a customer, “You’re wrong”?
    4. Something for nothing
    5. You’re the boss
    6. Free lunch, anyone?
    7. Be a partner, not a victim
    8. Wealth management is a business
  9. CHAPTER 2: My Money, Myself
    1. What is my wealth supposed to do?
    2. What really bugs me . . .
    3. How to fix jargon overload
    4. How to fix too much selling
    5. How to fix a lack of authenticity
    6. Where you’re most vulnerable: The five Ps exercise
  10. CHAPTER 3: Are You a Do‐It‐Yourselfer?
    1. How will I know?
    2. Assess yourself
    3. Making sense of all the choices
    4. Whom can you trust?
    5. There is hope!
  11. CHAPTER 4: If You Don’t Know Where You’re Going, Any Investment Will Get You There
    1. Inflation, returns, and fees
    2. Do the math—not you, your advisor!
    3. On the hiking trail again
    4. Playing chess on four boards at once
    5. The four risks that can send you off a cliff
    6. Test drive first
    7. When do I run out of money?
  12. CHAPTER 5: If You Don’t Know Who the Sucker Is at the Table, It Might Be You!
    1. What’s in this alphabet soup?
    2. How to take charge and avoid being a sucker
    3. We’ve met the enemy and it’s us!
    4. You can’t get past that velvet rope
    5. So why not just go passive, index it all, and be done?
    6. Timing is everything, whether you choose active or passive
    7. Insurance against suckerdom
    8. Does being an accredited investor make you smarter?
    9. Hear that pitch!
  13. CHAPTER 6: Resist the Razzle Dazzle: How to Judge the Beauty Contest
    1. First, level the playing field
    2. Do you want an apple or an orange?
    3. When it comes to fees, the fruit basket becomes a huge challenge!
    4. Confused yet?
    5. See what’s included in that all‐inclusive package
    6. Are you my mother?
    7. A perfect match?
    8. Candor is a two‐way street
    9. What about references?
    10. Did you ever have to finally decide . . . pick up on one advisor and leave the other behind?
  14. CHAPTER 7: Transparency, or How I Learned to Love Conflicts of Interest
    1. You’re making money on me?
    2. Incentives matter on Wall Street, too
    3. Not just for the criminally minded
    4. Conflict‐free advice = the Tooth Fairy
    5. Open architecture can be drafty
    6. Conflicts of interest—yours, mine, and ours
    7. The cost of your advisor staying in business, and how it impacts you
  15. CHAPTER 8: Courtship Is Usually More Fun Than Marriage
    1. Good news: Your advisor really is here to help
    2. Everything begins with an Investment Policy Statement (IPS)
    3. Benchmarks matter
    4. Next, be even more concrete in your expectations
    5. Is this good performance or just mediocre?
    6. Conference room purgatory, or get me out of here!
  16. CHAPTER 9: Can This Marriage Be Saved? When to Fire Your Advisor
    1. Honesty is (mostly) what I need from you
    2. Be prepared to change advisors, or at least discuss the possibility
    3. Is it that simple?
    4. Before you fire your advisor . . .
    5. How will I know?
    6. Should you warn your advisor that you’re about to fire them?
    7. Life after divorce
  17. CHAPTER 10: Aging—Grave Concerns
    1. Besetting sins of the elderly
    2. Before it’s too late
    3. Bedside manner meets kitchen table dialogue
    4. “Imagine if you can . . .”
    5. What exactly is a good outcome?
    6. Siri, what’s my destination?
    7. Break the silence
    8. RIP denial and delusion
  18. CHAPTER 11: Born Rich—A Curse or a Blessing?
    1. Looking at the world through a child’s eyes
    2. Easy Street has a hidden sinkhole
    3. When plenty is not enough
    4. Rearing or ruining your children?
    5. Teach your children how to fail
    6. When do we tell the children how much they’ll get?
    7. Lock up the assets and throw away the key?
    8. When I grow up I want to be a steward (said no one ever)
    9. Hey, Mom, why don’t we give more of our money away?
    10. What does success look like for families of wealth?
  19. CHAPTER 12: I’m a Robot, and I’m Here to Help
    1. If you are cool on the idea of an advisor, you may warm up to a robot
    2. Siri gets serious
    3. Why waste a human when a robot can do it cheaper?
    4. Time to turn on autopilot?
    5. Data of mass destruction
    6. Can you even spell algorithm?
    7. AI earns the whole galaxy from Morningstar!
    8. Humans are so, well, human!
    9. To err is human, to forgive divine
    10. Singularity @ your service
  20. CHAPTER 13: Women with Wallets
    1. The gender lens is fuzzy
    2. But girls aren’t good at math
    3. Change is never overnight
    4. Gender, power, and purpose
    5. Change the conversation
    6. Lean in and step up
  21. CHAPTER 14: The 10 Principles of Principal
  22. APPENDIX: Appendix A Special Message for Advisors
  23. INDEX
  24. END USER LICENSE AGREEMENT