Wealth Management: What are the aspects of wealth management?

Currently, many businesses practise some forms of wealth management through insurance and investment.

A comprehensive wealth management plan should generally include ways to maintain, grow and distribute assets which would involve the following:
  • Debt / cashflow planning to enable efficient and optimum use of credit for the business

  • Investment planning and management to maintain wealth and ensure adequate returns

  • Insurance planning for business protection (e.g. fire, theft, marine or key-man insurance) and personal protection (death, disability, critical illnesses and household)

  • Tax planning to minimise unnecessary cash outflows and ensure efficient cashflow management

  • Retirement and welfare planning for employees to ensure retention of key staff for business continuity

  • Retirement and succession planning to ensure that the business can continue to operate smoothly when the business owner leaves the business

  • Estate planning to ensure efficient wealth transfer to successors / beneficiaries

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Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)

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Knowledge Base ID :   1428
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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