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Have you ever thought – Who is going to take care of your family investments after you?
During our lifetime, we end up making investments in various places. With the hope that these investments will be used for a comfortable retirement, for children’s future, and for family needs.
Many people believe that they are managing their investments well and will continue to do so. They engage with brokers but not with professional advisers. They detest the idea of someone else managing their investment, even when a professional adviser can do a better job with investment management. Paying an advisory fee appears to be a huge cost.
For sure, a very few will be able to generate decent returns on their portfolio, but many have no idea about underperformance, which is masked by rising markets and excessive potential risks in the portfolio. The biggest ignorance is of underlying risks, which people come to a hard realization when the tide turns.
Even if your investments are doing well with your thoughtful approach, you need to ask these two questions:
– First, who will ensure the seamless transition of all your investments to your family after you are gone? For your reference, according to asset recovery specialists, the “global market” of lost financial assets could exceed $200 billion, based on tracked lost assets alone.
– Secondly, who will manage your investments after you to assure the financial security of your family? You may be good with investments, but not necessarily everyone else in your family knows how to invest properly.
You wouldn’t want your grieving family at the mercy of other people who may take advantage of their situation.
Therefore, your most important job should be to find a reliable professional investment adviser whom you can trust with your family before and after you. An adviser who is liked by your family, who understands family dynamics, and who understands how you wish to look after your investments to secure your family’s needs. Someone you believe aligns with your value system, and you have comfort with their investment approach.
Helping your family after you is the least appreciated role of a reliable investment adviser. Over the years, helping families go through transition, I have realized how important it is to have a trustworthy adviser whose value goes beyond money.
