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Wealth Management Unwrapped, Revised and Expanded by Charlotte Beyer

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CHAPTER 14

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Overheard: “I wish I had a crib sheet I could just place under a magnet on my refrigerator, next to the grocery list, so I could handle all this without having to read the Wall Street Journal every day! How about offering wealth management, not for dummies, but for Art History majors?”

Thirty years of witnessing investors and advisors grapple with the challenges of managing wealth gave me ample opportunity to hear their stories. As I listened to investors, I was struck by how each had taken nearly identical steps to find the best approach to managing personal wealth. I reflected on what I heard and came up with 10 principles. These principles are meant for those new to this endeavor (i.e., the newly appointed CEO of My Wealth, Inc.) to help you find your own way to a more successful way to manage your wealth.

  1. Self‐awareness is criticalSelf‐awareness is more vital than any other principle for your ultimate success. You are the expert on your own values, needs, and goals for your wealth. This might take more time than you imagine, but it is the foundation of a successful partnership with your advisor.
  2. Know your expectations, goals, and immediate needs At least in broad terms. Test them against reality with your own financial knowledge.
  3. Decide whether or ...

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