What is Holistic Financial Planning?
A well defined holistic wealth management strategy can help you build your wealth and manage your assets properly.
For many people, the term wealth management is synonymous with investing. A wealth manager can help you grow your assets by providing portfolio management and investment advice. However, while investing is a great way to achieve wealth accumulation, it is also essential to consider other strategies.
Because of how your financial security will be affected by various aspects of your life, holistic wealth management involves a plan to protect, enjoy, and distribute your assets. A holistic wealth management strategy can help you manage your finances more effectively. It can also help you avoid unexpected expenses and improve the efficiency of your financial plan.
Holistic Wealth Management Defined
A holistic wealth management strategy combines all your financial assets into one plan to ensure they work together seamlessly. This eliminates the need for one investment strategy and focuses on the various components of your financial life. For instance, it might include budgeting, savings, and risk mitigation strategies.
Your financial goals are what your advisor will work with you to achieve. For most people, saving for retirement is the top goal. However, this may not be the only objective that they have in mind.
Financial Aspects
Goal Setting: Before you start working with an advisor, you must understand what goals you have in mind and how you can reach them. This will allow you to develop a financial plan to help you achieve these goals.
Growth: Your financial situation will dictate how you can grow your wealth. However, investing can be a great way to achieve this. A holistic wealth management strategy uses the knowledge of your goals and tolerance for risk to create an investment portfolio that fits with them.
Safety: Protection is one of the most essential factors you should consider when building wealth. This is because, while investing is a great way to achieve wealth accumulation, it is also necessary to view other strategies. For instance, you should have an emergency fund and insurance. Your advisor will help you place your assets in various financial vehicles.
Values: Your values are also crucial to an advisor, as they can help you develop an investment strategy that fits your goals and lifestyle. By understanding these, your advisor can recommend the appropriate solutions.
Takeaway
Most successful financial advisors use a holistic approach when working with their clients or talking with prospective clients. By starting from the top down, they can build better relationships and deliver better service.
About Saagar Gupta
Saagar Gupta is the founding partner and fund manager of SG3 Capital, a private investment firm located in Puerto Rico. Since inception in 2015, SG3 Capital has focused on taking a proactive approach to asset management. One of the firm’s greatest strengths is its ability to form strategic partnerships with other firms and individuals who share a passion for finance and helping others achieve their financial goals.
After graduating from high school in Oakland, California, Saagar Gupta got his first exposure to finance at the hedge fund Ascend Capital as an intern. Although he had already enrolled at the Massachusetts Institute of Technology (MIT), Saagar loved the experience so much that he briefly considered skipping MIT and working at the hedge fund full-time. After graduating from MIT with a degree in Electrical Engineering and Computer Science, Saagar worked at Susquehanna International Group where he learned a lot about the finance industry and how to effectively manage capital. In 2010, Saagar moved from Philadelphia to New York City to become a quantitative trader at HAP Capital.
After about four years at HAP Capital, Saagar decided to spend a few months travelling to Europe with his young but growing family. He had several new opportunities he was considering, but the idea to start SG3 Capital came to him while he was in a small town in Italy, and the freedom of working for himself has been life-changing.
About the Creator
Saagar Gupta
Saagar Gupta is the founding partner and fund manager of SG3 Capital, a private investment firm located in Puerto Rico.
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