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Keith Banks Shares Valuable Tips On Investing, Passing Down Inheritance

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Keith Banks Shares Valuable Tips On Investing, Passing Down Inheritance

  • The people at Wall Street Week were kind enough to share a preview of this Sunday’s show with Benzinga.
  • This week’s broadcast will feature Keith Banks, JJ Kinahan and James Bernstein.
  • During the broadcast, Banks expressed his views on what people should be doing with their assets right now.
  • In a wide-ranging conversation, Keith Banks, president of U.S. Trust, Bank of America Private Wealth Management, described what he feels people should be doing with their wealth. Below are a few pieces of advice the expert shared:

    • 1. Have a long-term strategy and a clear understanding of what is it you want to achieve in terms of asset appreciation.
    • 2.“Even more importantly, understand the risk you are willing to take to achieve that outcome” – because everyone wants high returns without taking risks, he noted. And, frankly, he continued, most people shouldn’t take such risks.
    • 3. Deviate your plan when something deviates in your life. The stock market should not deviate your plan; changes in your life should deviate the plan.

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    The investor then went into multi-generational investing. Here are a few general themes he sees consistently among people passing on money to the next generation:

    • 1. They want to see family values passed on.
    • 2. “They want to make sure the children are good stewards of those assets.”
    • 3. They want to make sure their successors “embrace philanthropy.”

    Image Credit: Public Domain

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