3 Things You Need To Know About Being a Better Financial Advisor

By Daniella Rand

The very first thing that you need to keep in mind is that being a financial advisor, you will not only have to manage the finances of your clients instead you will also be required to manage relationships. Though a financial advisor is contacted for the purpose of getting financial services, developing a strong relationship with the clients will help him achieve much better results. Always remember that people invest in people. Your financial plans are being bought by people because they have started to trust you and your services. When you treat your clients nicely, you take the first step towards being a successful financial advisor.

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To be a better financial advisor, there are some important things that you should be aware of.

Knowledge about your clients:

Do you really think you can get away without knowing your clients well? Certainly not. Without having knowledge about your clients, you can never build a good relationship with them. And without building a strong relationship with them, you would not be able to retain a client for a long period of time. Therefore, the first thing that you should work on to become a better financial advisor is to enhance your knowledge and understanding of your clients.

Staying in touch regularly:

Listing down the names of your clients in your address book is one thing while staying in touch with them on a regular basis is another. Your clients will like to hear from you on a regular basis and this will help strengthen your relationship. This is not something tough to achieve. There are different channels to contact your clients like emails, messages, phone calls, etc.

Working on your communication:

Being a financial advisor, you should communicate your financial strategies and plan to your clients in a way that is easily understandable for them. A number of advisors out there confuse their clients with intricate financial charts leaving them uncertain and unclear. Always make things easy and simple for your clients so that they do not have to go through a lot of pain in order to understand your plans and strategies. In most cases, complex language does not work in favor of financial advisors.

5 Steps to Wealth Management Process

By Daniella Rand

Wealth management services can undoubtedly simplify your life. Managing your finances may take more time and effort than you initially thought it would. Due to this, many people consult different companies or experts to get services related to wealth management. These services help people know what kind of financial plan they need to follow. One most frequently asked question by an investor is ‘what wealth management process company follows?’ Wealth management process varies from company to company and this is the process that a company adheres to when dealing with its clients.

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Here in this article, we intend to share the vital steps that are included in the wealth management process. Though, it must be kept in mind that companies can shape their own wealth management process according to their requirements.

Establishing clients:

In the first step, the company will look for various potential clients and make effective strategies to attract a great number of people. In this phase, companies will make an effort to know about their clients so that they can generate the most useful and practical financial solutions for them.

Data gathering:

In this phase, companies will gather all the important financial data of their clients. They will find out the objectives and goals of their clients so that they can develop short term and long term plans for them.

Analysis of the existing financial situation:

In this step, companies will analyze or examine the existing financial state of the clients so that they can see what needs to be changed or improved. By analyzing the existing financial situation, companies can help you identify the mistakes that you made and how you can fix them.

Drafting a financial plan:

In this phase, the financial services provider company will draft a financial plan while keeping in view your current financial situation and your future goals and objectives. This plan may involve a comprehensive action plan, a complete retirement income plan or Investment Policy Statement.


This is the final step where the company will move towards the implementation of the generated plan. The company will continue to record the results at each step while implementing the plan so that it can be observed how things turned out at each step.

Custom Portfolios 101: How They’re Built

By Daniella Rand

Your life isn’t a carbon copy of your neighbor’s. Your careers, homes, hobbies, families — they’re not the same.

So, why should you settle for the same cookie-cutter investment portfolio?

You shouldn’t, and you don’t have to. Designing and building a custom investment portfolio aligned with your family’s unique financial goals, personal values, and long-term strategic plans has never been easier. 

Here’s what you should know about custom portfolios and the work that goes into constructing them.

What Is a Custom Investment Portfolio?

Just as it sounds, a custom investment portfolio is a bespoke basket of financial instruments tailored to the unique needs and objectives of its holder — the client.

Depending on the client’s needs and objectives, custom portfolios typically contain a finely tuned mix of market-traded securities (such as equities and exchange-traded funds), mutual funds, fixed-income instruments, cash and cash-equivalent instruments, and perhaps alternative investments. High net worth individuals’ portfolios may contain a wider range of non-traditional investments not available to retail investors.

“Custom” does not mean “static”:


“Capable wealth managers routinely rebalance and fine-tune custom portfolios in response to new information, such as clients’ life changes, shifts in clients’ financial position or risk tolerance, market movements, and component performance.” 

— Daniella Rand


Building a Custom Investment Portfolio: How It Typically Works

Every wealth management team operates a little differently. That’s why choosing the right team for your needs is so important.

That said, most fiduciary wealth managers — those sworn to act in the client’s best financial interests, rather than merely adhere to the lower “suitability” standard — follow this general procedural outline to design, build, and manage custom client portfolios:

  • Learning more about client objectives. The first step is listening — really listening. To build a truly customized portfolio that reflects’ clients needs and values, financial advisors need to know more about clients’ lives, finances, deeply held beliefs and goals, and more.
  • Assessing clients’ investor personalities. The next step is assessing clients’ personalities as investors, which may be very different from their public personalities. Risk tolerance is a major component of this step.
  • Choosing assets. Next, financial advisors choose assets and portfolio weights that reflect what they’ve learned about the client. Look for financial advisors who choose best-in-class instruments with relatively low fees.
  • Monitoring performance. The work doesn’t end when the portfolio is fully built out. Indeed, a custom portfolio is never “fully built out” — its composition will change over time as clients’ needs, objectives, and tolerance for risk changes.

You Deserve the Best

Investors today operate in a ruthlessly fee-conscious environment. For clients, this is a good thing — never before have retail investors and high net worth individuals alike had such a wide range of high-quality, low-cost instruments to choose from. Put another way, the annual cost of a custom portfolio comprised of “best in class” instruments has never been lower.

This isn’t to say that the overall caliber of the financial advice and wealth management services clients receive is better than ever. In fact, clients looking to forge long-term wealth management relationships must closely scrutinize prospective managers’ investment philosophy and approach, track record (including relative performance over time in up, down, and sideways markets), and value-added resources. Working with a wealth management team backed by the resources and expertise of a global financial powerhouse like Bank of America and Merrill Lynch provides clients with a slew of advantages — not to mention, peace of mind.

Ultimately, the choice is yours. Just remember that you deserve the best financial advice money can buy. You’re worth it.


Daniella Rand is managing director of The Rand Group, a wealth management team based in San Francisco serving high net worth clients throughout the United States.

5 Skills You Need To Be a Successful Risk Manager

By Daniella Rand

Every employee in an organization should play the role of a risk manager so that whenever a risky situation arrives, they can use effective strategies to deal with the situation. When you are concerned with being a successful risk manager, there are certain skills that you must possess. Every employee should keep this thing in mind that they cannot expect the best outcomes if they are not great risk managers. Risk management is not the duty of a single person or team in an organization. Instead, this is something that should be adopted by everyone in the organization. To be a successful risk manager, there are some skills that you must have. Some such skills have been mentioned in this article.

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An eye for detail:

To be a great risk manager, it is important that you possess an eye for detail. As a risk manager, you will have to pay close attention to all the factors and situations so that you can identify the root causes and can devise effective strategies. Without paying close attention to the surrounding situations, you can never get a clear understanding of what went wrong and how you can deal with certain issues.

Handling pressure and stress:

Being a risk manager, you will have to take a lot of pressure and stress because of your job quite tough and you cannot emerge out as a successful risk manager if you do not know the art of handling stress and pressure. You will have to deal with excessive workload and you cannot give up no matter what.

A good understanding of finance and risk:

A risk manager should have good knowledge and understanding regarding finance and risk so that he can implement the best strategies. It is better that you get a degree in the related field so that when you start your professional life you already have a good base and you already have learned all the fundamentals associated with the field.

Thinking logically:

You must be able to think logically and rationally so that you can take decisions solely based on your logic, not emotions.

Presentation skills:

As a risk manager, you are required to have great presentation skills so that you can present your ideas and solutions in the best possible manner.

3 Tips Every Successful Wealth Manager Propounds!

By Daniella Rand

Wealth managers are offering unmatched financial solutions to the people and they are using every technique to help people in managing their finance and wealth throughout their lives. They can start managing their wealth now and they can do it later as well. Here are a few tips that can help you in managing your wealth like a pro.

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Learn to manage your savings

Managing your savings is certainly a tough task. One needs to understand that there are multiple things that one can do in order to have a proper saving system. You can get a saving account in any bank and transfer your savings in it. Many people claim that it is easy to earn but hard to save and this is the reason why they are facing a financial crisis most of the time. Life is uncertain and so are the financial dealings of every person. There are months when no additional money is needed but there are months that demand additional money like anything. To deal with such situations, it is important to have a proper saving system as these savings will help you in dealing with all kinds of financial crisis. The best part about this strategy is

Get in touch with a wealth manager

Getting in touch with a wealth manager is going to benefit you in a number of ways. You will be able to invest your money in the right places and you will understand the temperament of the investment market as well. It is essential to understand the potential of your wealth manager. They are pro in terms of finance and wealth management and they can benefit you by making you aware of various risks associated with your wealth and work.

Monitor your financial goals

Your wealth manager can help you in monitoring your financial goals. Financial goals can be set by setting short term and long term goals. This clearly means that a person can set financial goals and you can get help from your wealth manager in this regard as well. There are numerous formulas that have proved to be effective in this case.it is better to set goals while you are working so that you can have enough money and investment packages before you retire.

3 Reasons That Will Convince You To Learn Finance Management!

By Daniella Rand

Financial management is the art through which you become able to manage and handle the overall finances and money. It is a skill that you will find only in a few people because not everyone gets to learn such skills. You will see many such people around you who have plenty of money and they are quite rich but they do not know how to manage their finances. You always need to keep this in mind that in order to become rich and to stay rich; the most important thing is financial management and financial planning because this is something without which you cannot get away. You cannot stay rich for the rest of your life if you do not have great financial management skills.

Daniella Rand

It is always better than you get a degree in finance management and it gives you a number of benefits. This article will help the readers know that what important advantages they can get once they study finance management.

Varied career options:

An important reason for studying finance management is that once you get a degree in this field, you get to choose from a list of different job titles and different fields. You have different career options. It is not a typical field where you can choose just one side once you are done with your studies. Instead, it is kind of degree which will give you quite various options of career and you can choose anything of your choice.

Recognized degree worldwide:

Another important reason behind why you should consider taking a degree in finance management is that it is a recognized degree and it is a degree that is recognized worldwide. When a degree is recognized all across the world, it means that no matter where you, your degree will be given value and you will get the job of your own choice.

Earning well:

Since it is a well-recognized degree, it helps you give the right kind of jobs and these jobs help you earn as much as you want. You get the chance to earn according to your choice.

Effective Tips For Risk Management

By Daniella Rand

Risk management is of great importance whether you are part of an organization or you own your own business. It is an individual based skill that every person must have in order to grow in his or her professional life. Keep this in mind, your growth cannot be possible if you are unaware of practicing the art of risk management. Whenever you work in an organization, there are days you will have to face unpleasant circumstances because bad days are part of business. It is not every day you will receive good news.

Daniella Rand

There will be days when you will have to deal with a lot of threats and risks and on those days you can become successful if only you have great risk management skills. This article will help in terms of knowing the most effective tips on risk management.

Begin finding out the risks from the initial phases of the projects:

Normally when the projects begin, people do not tend to pay more attention to risk management and identifying risk because they are so focused on their project that they totally forget the fact that if a risk or threat comes to them, they will be required to have great risk management skills in them in order to cope up.  The best practice is that you start identifying the risks in the project from the very early stages of your project.

Engage everyone to find out risks and threats:

You should encourage everyone around you to identify the major risks involved in the project so that if in any case, you miss out on a point or major risk, another person can come up with that risk.

Clarify your project goals:

One important tip for risk management is that you make clear the major goals and objectives of your project. It is important for you to pinpoint what you are looking for and what you are trying to achieve from a certain project. You need to know what you need to achieve so that you can know what kind of risk management techniques can be used in order to deal with a certain kind of issue.

What Are The Vital Steps To Become Rich?

By Daniella Rand

Those who become rich do not possess some hidden power in themselves. They are just like the rest of the humans. They manage to achieve their goal and become rich because they work on their skills, keep improving their personality and always follow their plans and strategies. Obviously nobody can become rich by just wishing to become rich; instead, you will have to have a proper plan that will help you become rich. Your status cannot be changed from an average person to a rich without putting sufficient effort and hard work. You will have to work hard, polish your skills, identify your weaknesses and enhance your strengths in order to become able to accomplish your goal.

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This article intends to present some proven steps and tips that will help you earn more and save more.

Win a lottery:

An easy and simple way to get rich is by buying yourself a lottery ticket. A lot of people do not consider buying a lottery because they think they will not win it. Though it is always better to take chances because you never know what happens. Maybe today is the day you win that lottery and become rich.

Start investing:

When it comes to investing, know that the sooner the better. Start investing today so that you can enjoy the fruits of your investment early. Try to invest more and in different places. Make sure that you are investing in businesses about which you have a proper understanding so that you can know what is taking place. The investment will help you in saving enough money if you have a great wealth manager.

Start your own business:

You can always start your own business. It does not matter how much money you have in the initial stages. Do not worry if you have a small amount of money. It is not important that you have to have a big sum of money in order to initiate a business. You can start small. We have many such examples where people start doing business with a very minimal amount of money and end up becoming rich.

Why Everyone Must Get A Retirement Plan?

By Daniella Rand

Retirement is an important reality of everyone’s life. As most of us nowadays think that it is a long way off but in order to live a comfortable life that is less of worries or to maintain your living standard and to retain your financial independence, it is important to plan for your life post-retirement now. You can plan it at any stage of life.

It is the best time of your life as you can relax and enjoy your life by the savings that you have earned in so many years of hard work.

Daniella Rand

This article is intended to offer you some of the reasons why retirement planning is important and why we have to start planning it earlier rather than when it’s too late. So let’s dive in!

Future financial hardships

As our future is not guaranteed, it is important to realize that we might experience some financial problems in the future. Many people are optimistic about their financial future that things will be better in years to come, but it’s not something we can rely on which is why retirement plan is necessary. Once you have the plan you can easily deal with or overcome the problems and troubles with your retirement savings.

Dependency is not good for healthy living

Depending on your children finances is definitely unfair. I am not saying that you don’t have a right to share your children’s money but with continuous inflation, it’s very difficult for young people to bear the expenses of their children as well as their parents. You should be responsible for this matter and plan well for your retirement in good times so you should not be a burden on anyone.

Inheritance is always tacky

Never rely on your parent’s savings as if it will be enough for you. It’s really tacky that you depend on your inheritance for retirement because it leaves a question mark on your abilities to stand up for yourself and secondly you can never know when it will end up so how can you rely on such things that risk your future.

You Can Never Be Sure About Your Future

By Daniella Rand

Nobody can know their future. There is no one who can be sure about how life is going to be after 20 or 30 years. Life is unpredictable and very often our predictions turn out to be wrong. Therefore, people who think that life will remain the same and they will never regret not devising a retirement plan need to reconsider their decisions. It’s always safe to have an alternative plan. After all who would not want to relax at some point of life and live a life without any limitations? Just in case your life unfolds some unwanted situations for you where you would not be able to work anymore, your retirement plan will help you live a comfortable life even after you cease to work.

Future cannot be predicted by its ambiguous events can be dealt with beforehand. It is vital to shed light on different approaches that can help in managing the upcoming events. Life is a great thing and it is vital to recognize the important events that one may encounter in the later stages of life. When a person is young, everything is almost on track and humans are active enough and they think that they can deal with the worse even when they are in their 60s. One needs to understand that things do not remain the same once you get old or get retired. Therefore, there is a dire need to consider a proper plan in this case.

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Never depend solely on your pension:

Some people think that financial planning is not important for them as they can have their pension once they retire. Though you might not be able to have so much to spend if you solely rely on your pension. The money you get to receive on a monthly basis after retirement may not be sufficient for you to fulfill all your dreams. Therefore, always have a retirement plan so that can have more to spend after retirement. You never know what is going to happen to you in the future, therefore, it is wise to develop a well-thought and smart retirement plan.