1st March 2023 - 5 min read
For some, the term ‘wealth management’ tends to conjure images of affluent people speaking to advisors about their money and properties. A common misconception about wealth management is that it’s only reserved for millionaires or people who own high-value assets. In reality, it’s a form of service offered by financial institutions to anyone who wants to proactively plan for their finances under professional guidance.
When you seek wealth management services, typically, you will go thorough consultation with a dedicated adviser who will then craft a comprehensive solution for you based on your needs and goals. This may include anything from investment to estate planning.
Read on as we dispel common myths about wealth management.
One of the most common misconceptions about wealth management is that it is accessible to you only if you possess a certain amount of wealth. No matter how much you have in your bank account now, setting a plan to achieve your life goals is an important task for everyone.
OCBC wealth management services are available to everyone who wants to start saving, growing and protecting their money, regardless of how much they currently have. Essentially, wealth management is similar to financial planning with a focus on accumulating wealth, maximising it and safeguarding it.
While some may think they need to have a certain amount of savings to engage in wealth management services, others may be under the mistaken impression that wealth management is only about growing your money.
Wealth management encompasses myriad services including protecting your legacy when unpredictable events occur, enhancing your savings and more. OCBC provides a wide range of products that covers all aspects of your financial needs and each product is customisable as well.
For instance, legacy planning facilitates financial security for your loved ones through life insurance coverage and potential returns as well as the flexibility to utilise the funds when in need.
Since the Covid-19 pandemic, many banking services have shifted online for the convenience of customers. Nowadays, with technological advancement, managing your wealth can be streamlined too.
Don’t have the time to step into a branch or speak to advisers? Utilise the OCBC Life Goals calculator to start working towards your goals from the comfort of your home at any time. Set your goals easily and the calculator will tell you how much you need so you can prepare for it.
For instance, the Children Education Goal Calculator helps you plan for your children’s education. By keying in a few simple details like your child’s age, the calculator will show you the estimated tuition fees and living costs in several countries so you can prepare accordingly.
You will be asked to enter the amount that you have currently set aside for your child’s education. The calculator will generate the balance you need to achieve your goal. Then, it will suggest possible solutions to help you reach your target whether it’s through disciplined savings or investments with optimised returns.
Meanwhile, the Retirement Calculator lets you know the amount you need to prepare according to when you would like to retire, monthly expenses, yearly one-time expenses, and more.
Many people in their 20s may not prioritise saving because they’re making an earning every month and retirement seems far down the road. However, it’s always wise to start planning as soon as possible.
When you’re younger, you have a longer investment horizon and can take greater risks which means you have more options. The earlier you start managing your wealth, the more you can save and grow. In addition, you should always take steps to protect your money in the event of challenges life puts in your way, whether through insurance or emergency funds.
Everyone has financial goals that they want to achieve whether it means sending your children overseas for education or enjoying regular vacations upon retirement. If you’re thinking of getting expert guidance on how to save, maximise and protect your money, you may consider OCBC’s wealth management services.
With wealth management services, your entire financial journey is taken into consideration and a cohesive financial strategy will be crafted to help you achieve your goals and needs.
Everyone’s goals differ including their preferred methods of growing their money and so forth. Create a portfolio based on your risk appetite, needs, and goals with the assistance of OCBC wealth managers.
Have you ever tried saving without a specific target and ended up just spending it away? Set a goal with OCBC Life Goals and stay on track to reaching it with suggested solutions.
4. Trusted partner
OCBC Bank has an established reputation in the Asian region with a presence of over 90 years.
Now that you’ve learned more about wealth management, you may better understand its purpose and how it adds value to your financial journey. Wealth management takes a more comprehensive approach to your finances, taking into account your unique needs and goals to help you reach them.
Learn more about OCBC wealth management here.
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