Those that are looking to start a career in the financial services industry learn many skills during college and licensing courses that allows them to serve client effectively as a financial advisor.
However, there are no skills more important than the ones that will enable you to maintain and build the fortunes of wealthy customers.
Adam Rosenfeld Miami knows all about the rules that govern the maintenance of wealth, as he has managed the fortunes of high net-worth individuals for over 15 years.
If you want to achieve the same level of success that he has, be sure to follow these principles of wealth management. If you do, chances are excellent that you will be able to grow a nest egg of which you and your family will be rightly proud.
1) Not losing money is paramount
This is a bit of a misnomer, as anyone who has invested money has lost a decent chunk of change in the past. While losing money is inevitable at some point, crippling losses are almost always avoidable events.
If you do suffer one, recovering from them can take a very long time, as the only thing that is tougher than making money is getting it back to the level where it was once before.
Whether you are building a nest egg from your own savings or taking on capital from investors in a hedge fund, deploying it in a conservative manner should always be your default action.
In the absence of sufficient actionable information concerning other options, the most risk-adverse choice is the right one to pick.
2) You can’t lose what you don’t put in the middle … but you can’t win much either
Despite the cautionary advice given in the last point, you probably know that massive fortunes aren’t earned by investing it in an index fund and then calling it a day.
Thus, the second imperative of wealth management: make money. In order to do this, you’ll need to keep your ear to the ground for investment opportunities where you have an information/expertise advantage.
When they arise, do not hesitate: get in there with your capital, but do not do so blindly. If things change suddenly and you sense that it has the potential to turn into a money-losing proposition, trust your gut and get your money out.
3) Put yourself out there
If you are going to get the kind of results that will earn you a promotion at your hedge fund, you need to be all-in mentally and spiritually when it comes to this aspect of your life.
Throwing yourself into studying financial statements, the overall state of the economy, and other factors are all necessary steps if you wish to achieve the hyperbolic rates of return that the masters of the market achieve with regularity.
4) Manage stress effectively
There’s no doubt about it: the financial services business is one of the most notorious meat grinders in the world of work. When you are managing somebody’s else’s fortune, having to tell them that you lost several million dollars of their net worth is not a fun thing to do.
Even if you are managing your own money, watching a pie-sized chunk of your retirement disintegrate due to a bad decision can crush you if you aren’t armed with the proper mindset.
Thus, incorporating stress-reduction activities into your daily routine and modifying your mindset around money is essential if you hope to thrive in this business long-term.