Handling Wealth Management During The New COVID-19 Reality

18 May 2020
 Categories: , Blog


The current pandemic has caused a great deal of uncertainty in the economic markets. Due to this, many individuals who possess significant wealth need to make sure that they properly handle their finances. With this much unknown in the economic markets, it is advantageous to contact a wealth management firm that handles financial planning. Below are several items that you need to consider before signing up with a particular firm. 

Understand The Asset Requirements  Necessary For Wealth Management

The first thing that you need to do is determine the amount of assets required in order to join the firm. There are some wealth management firms that have very high initial asset requirements, so you need to make sure that you have enough to qualify. Therefore, the first step is to gather all of your financial information and determine how much you are planning on investing with the wealth management firm and then check to see if you meet the minimum requirements.                                                                                                           

Finding A Wealth Management Firm With Accessible Representatives

The next step is to determine if the wealth management firm has accessible representatives during the COVID-19 crisis. Whenever you are dealing with huge sums of money, it is vital that you have excellent access to your account representative. In the pre-pandemic days, you would likely have been able to go into an office and meet with a client representative. However, that is now not possible. So, you will want to make sure that you can find a wealth management firm that has representatives accessible via Zoom or Skype. It is not sufficient to handle all transactions via email or automated text interface. You will want a real human connection, which the better wealth management firms will offer.                                          

Make Sure They Will Address COVID-Related Investment Issues

Lastly, you will want to make sure that the fund's investment strategy focuses on business models that will not be negatively affected during the pandemic. So, for instance, a wealth management fund that heavily backed co-working spaces or retail establishments and has no plans for diversifying will be something to be mindful of. The fund should be actively addressing the new economic environment and have a detailed plan of how to make alternative investment choices.

The best way to discern this information is to speak with a fund manager and ask them to cover the sectors they are invested in and what their forward investment strategy is. Most will have prepared reports that they can send you that will lay out the management team's forecast for the next few fiscal quarters. 

To learn more, contact a wealth management company.