9) Playing the long game
Life is, we all hope, a long-term game and ensuring that wealth is preserved, grows and is available in years to come is essential.
This includes preserving access to historical, or creating new, relationships with investment managers who manage and invest (earned and inherited) wealth and asset portfolios.
Advisers increasingly service clients across the wealth and age spectrum, comparing “when can I retire?” with “will I outlive my wealth?”.
The common factor is retirement security, complicated by life expectancy, healthcare costs and the fact advisers cannot see the future.
Advisers should not then focus on one or either, but both. Encouraging a balance of long and short-term financial goals and planning.
While the tax, legal and political landscape continues to change, HNWIs will need to adapt to a world focusing more and more on transparency, compliance and anti-avoidance.
Lana Corrienne Mallon is senior wealth planner at Lombard International