If you have ever felt that you do not want and/or cannot manage your assets yourself either due to lack of time or lack of know-how, it’s wise to consider assigning this task to an asset manager. The fundamental purpose of asset management is to deliver good outcomes to individuals and companies with significant assets that are not easily managed on their own, and, ideally, the asset manager you choose should build a strong relationship with you in order to facilitate the best possible results.
In 2024, the potential for turbulent events (such as highly fluctuating economic conditions, governmental elections throughout the world, climate change, and significant technological advancement) calls for special care of your wealth and assets. By hiring an asset manager, you can be confident that your financial future is in the most capable hands and be confident that you have the potential to not only withstand the turbulence but thrive.
What follows is a comprehensive guide to asset management, and why you should hire an asset manager in 2024.
What is an Asset Manager?
Simply put, asset management firms manage funds for individuals and companies. They make well-timed investment decisions on behalf of their clients with the goal of growing their finances and portfolios. The goal of an asset manager is to maximize the value of an investment portfolio over time while maintaining an acceptable level of risk that is stipulated by their client, whether it is an individual, family estate, government entity, or business organization. Mandated by U.S. law, asset managers have a fiduciary responsibility to their clients to act in their best interests. This means that asset managers, given the ability to act in place of their clients, need to always make decisions with their clients’ success and welfare as the primary criteria.
Benefits of an Asset Manager
There are several benefits to hiring an asset manager. The duty of asset management requires professional skills, training, knowledge of the industry, and time, and by hiring one, you can gain access to:
Expertise
Specialists who are well-versed in the field of asset management will tailor your investment and wealth to be aligned with your personal situation and risk tolerance. They use robust methods and leverage extensive experience to grow your portfolio.
Independence
Asset managers that are independent from large banking institutions will not sell you one-size-fits-all products and services nor will they treat you as another fish in their large pool of clients. Independent asset managers will aim to build a strong connection with their clients and thoroughly understand their clients’ needs.
Flexibility
Asset managers have the ability to adjust your investments when you need them to — whatever life changes may come your way, be it marriage, children, job changes, divorce, relocation, death, or the development of a disability, asset managers can quickly and dynamically adjust your portfolio with the goal of maximizing your wealth’s safety and growth potential.
Time-Savings
As they say, time is money. Asset managers take everything off your hands allowing you to focus on what matters most while keeping confidence that your assets are carefully and professionally managed.
Professionalism
A good asset manager will manage your investments professionally, meaning unemotionally and exclusively in your interest. They will inform you about all opportunities, risks, and costs, and they will advise you against investments that are not suitable for you.
Transparency
You will be kept up to date with the latest developments, at least quarterly, but more often by arrangement. You know how your investments are performing and you also have a clear view of costs.
Why It’s Important to Hire an Asset Manager in 2024
As we mentioned at the beginning of this article, 2024 and 2025 are shaping up to be seasons of significant change. Economic fluctuations, government elections, climate change, and technological and scientific leaps can put assets and wealth at risk — both from a loss and missed opportunity standpoint — so it’s wise to invest in ways to optimize safety, flexibility, and potential. Driven by dissatisfaction, customers are turning away from their principal bank and looking for a new haven for their capital.
Fortunately, asset managers are helping individuals and businesses with the goal of maximizing their potential return by monitoring and assessing the market to look for threats and opportunities while adjusting your portfolio accordingly.
If you have significant assets and are worried about not having the time or ability to manage them effectively, consider hiring an asset manager right away. At Dunnigan Financial, we are pleased to have helped numerous individuals and families manage their assets and wealth. Individual support, accessibility, and high service levels continue to attract customers to Dunnigan Financial — contact our team today to learn more about why our clients love working with us!