Money management is something that we practice everyday. We’ve all heard the old adage that if we “take care of the pennies the pounds will look after themselves”, and it’s a theory that most of us try to stick to. We also budget, make sure that we’re paying the correct amount of tax, and some of us even invest. All of these actions are wealth management strategies, a way to take care of our capital and maybe even increase it in the process.

However, money management is most efficient when it’s practiced in accordance with professionals. Enterprises like Killik & Co. specialise in these services. They make it their job to help you preserve, increase and consolidate your capital, and most of them are very good at it. By working within a three strand strategy, they make ordinary people’s wealth go further, and that’s a boon that we’d all like access to.

So how exactly do they help people like you?

Financial planning

The first strand of wealth planning focuses on preserving your finances. This is usually done by sitting down with a professional and working out exactly where your money is going, how you can minimise expenditure, and means of achieving your financial goals. One of the main aims is to help you to develop a budget that will help you to decrease your outgoings, but you’ll also be encouraged to set yourself targets and work out ways of meeting them.

Investment planning

The second strand of wealth planning is more heavily focused on how to increase your wealth through investing it. For those who know what they’re doing, investing is a wonderful way to bolster your income, and investment planning professionals are perfectly placed to help you do just that.

The services offered by these enterprises vary widely: some will simply provide advice to help guide your decisions; others will invest on your behalf. Either way, the goal is the same: to increase your wealth.

Estate planning

Estate planning is the third arm of wealth management, and it’s one that is often overlooked until you approach a financial professional. The reason for its neglect is simple: it focuses on what happens to your money after your death, and this makes a lot of people feel rather uncomfortable.

Despite this, it’s very important to consider. Overzealous taxation can decimate an estate upon the holder’s death, but estate planning ensures that your money goes where you want it to, when you want it to, and how you want it to.

Could wealth management be of use to you?

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