Whether you’re striving to build wealth, looking to manage cash flow, or struggle to handle the complexities of your finances, wealth management is beneficial for anyone. However, there are a few things to know before determining if your wealth management strategy is aligned with your needs. Let’s jump into the importance of wealth management and how a DIY platform can benefit you!
Wealth Management Defined
Simply put, it is the complete financial management practice for an individual or family, often provided as a service by an investment professional that provides financial advice and asset management. It helps to streamline such financial aspects as estate planning, tax minimization strategies, and portfolio management. Wealth Management as opposed to Investment Management is a holistic service, meaning it captures the overall goals and needs rather than focusing on just one part or facet of your investment portfolio. It works on strategy, future planning, and management of funds. True holistic wealth management involves all your assets and liabilities.
Why is Wealth Management Important?
For many, wealth management is absolutely key in how they handle their assets. It’s important to tailor your investment strategy based on your needs and best interests. Wealth management isn’t one-size-fits-all, because your personal demands will differ from even another person in your household. Since there are many facets to wealth management, having user-friendly tools will provide you with more peace of mind.
Plus, wealth management extends to other important services that are crucial for affluent individuals. This can range from trust services, family legacy planning, charitable giving planning, and even purchasing decisions.
Benefits of Wealth Management
Other than the peace of mind we mentioned previously, wealth management offers many benefits. These include:
- Assistance during significant life changes
- Customized financial planning through multiple services
- Goal setting for future needs
- Retirement planning and preparation
- Advice from experts in the industry
- Confidence and stress relief in regards to finances
- Efficient and optimized portfolio management
A DIY wealth management platform, in particular, can provide ease of use and put full ownership in your own hands as you are the one with the most vested interest in your wealth.
Improving Your Personal Financial Health with Ripsaw®
While it may not always be feasible to work personally with a wealth manager, that’s where wealth tools like Ripsaw® come in. This helpful suite of user-friendly tools can improve your financial health by automating the process and providing personalized recommendations catered to your wealth management needs.
Plus, Ripsaw® only takes minutes to set up, letting you manage your stock portfolio and investments with automatic updates and investment tracking tools. Unlike managers, this is a tool constantly at your disposal that offers your full wealth picture, from target goals to market data.
We’re the first to provide an independent, disciplined wealth management process that combines auto-updated account information, access to risk dimension data, and financial analytics in a low-cost subscription service for portfolio construction, monitoring, and revision decisions.
Ripsaw is a toolkit that helps the user make better decisions. Like a carpenter with tools, the final results are also dependent on the user(s). The beauty of Ripsaw is that you will be able to collaborate with trusted advisors on special circumstances and insights on market conditions where two heads are better than one. Collaboration allows you to decide where and when to bring in help.
The Wealth Management App for Your Financial Journey
Having your own wealth management app in your pocket provides monitoring and accessibility while helping you to keep track of your goals. Ripsaw is a low-cost alternative to wealth management, guaranteed to provide all the necessary tools and features, plus so much more.
To get started with your own wealth management, sign up for Ripsaw®! Feel confident in your financial journey by taking full control.