Managing one’s finance is not easy. It demands vision, creation of suitable future plan, thorough knowledge of the subject, mathematical calculation, understanding and analysis of different investment options with their related risks and tax implications and many others of which these are few to name. Developing and executing an investment strategy for your wealth covers every aspect of your financial life. It is always challenging irrespective of the quantum of your wealth. Wealth is equally important to a person even who has acquired very little. Online wealth management is a reality. Your computer fits in the palm of your hand. You take it everywhere. The task of an online wealth manager is to work out aninvestment plan to meet your investment objective which is most convenient and suitable for your future need that even you may not ever dreamt off. He should meet the following characteristics:
- Reliable and understand the basics, essential and application of portfolio theory
- Determine your time horizon
- Identify your risk bearing capacity
- Experienced to understand tax implication
- Understand risks and issues that immunize a portfolio
- Understands asset diversification in a portfolio
- Capable of allocating a client’s assets among the appropriate assets
- An ideal online tool for wealth management will club everything portfolios, reporting & decision-making tools – all in one place
Here’s how these online wealth management advisers work: First you log in to any of the sites and fill in few simple questions such as your age, your present investment style, risk bearing capacity, your expected age of retirement, details of your existing investment, fund for investment, etc. Then they will put your holdings under scanner to advice on your investment. Their services cover investments for different types of investors with different purposes, such as Investments, Superannuation, Retirement, Insurance and Financial planning. Their service and expertise should meet the following: Asset Management Investment ManagementInvestment StrategyPortfolio Risk ManagementStrategies for Concentrated Equity Positions Brokerage Services Planning Family Wealth Planning Financial Retirement Estate Trusts Business Succession Planning Stock Option Planning Gifting Strategies – Private Foundations
Wealth Management from Client’s Point Of View
- Account Holdings
- Cash Information
- Tax Information
- Market Value
- Pending Trades
However, there are few caveats on these online tools: They mostly offer holistic or general advices hardly give any customized or personalized recommendation based on individual aptness. Some of the popular online tools for managing savings & wealth are mentioned in the following:
It empowers you to compare the performance your wealth with other peers and professionals and the market itself. You can join here with a monthly subscription.
It specializes in ETF investment advice and charges $10 a month. Steve Beck, the director of client services of Market Riders is a venture capitalist and former technology entrepreneur who has slight adversarial attitude toward Wall Street.
FiLife is an online financial advice site with 2.5 million users that evaluate and rate financial products and investment proposals including credit cards, insurance products and investment vehicles.
Financial Guard grades your ETFs and other funds on an A to F scale, They send quarterly recommendations for rebalancing your portfolio for $15.95 per month or $149.95 per year.
Future Advisor recommends low-cost index funds and commission-free ETFs for a monthly sign up with fee for new Premium Account $9 if your investment value worth less than $50,000, otherwise the charge is $19-a-month. They can trade on your behalf and provides automatic quarterly rebalancing, Managing your saving and wealth was never so easy. It gives you flexibility to manage your wealth whenever or wherever you want. Once you sign up to any of the online banking tool service, with a click of your mouse, you will land into a secure online environment where you can:
- View your complete holdings
- Check their values
- Check the balance of your account
- Make payments
- See transaction histories of your account
- Transfer funds
- Communicate with your relationship manager for every need
- Give instruction on your investment
- Ask for services like statement, cheque book, etc.