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.
Related Link: Ben Thompson Explains Why The Puerto Rico Bonds Situation Is 'Very Complicated'
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.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in