Essential Elements for Effective Wealth Management  

Introduction: Wealth management is the process of planning and implementing strategies to grow and protect one’s financial assets. It's important to think about both the short-term and long-term when it comes to managing and growing wealth, as this will help ensure that the resources needed to achieve financial goals are present and that the individual’s lifestyle is maintained today and in the future.

Setting Goals: The first step in wealth management is to set both short-term and long-term financial goals. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). By setting goals, a roadmap can be created for one’s financial future and better decisions can be made about how to manage and grow...