wealth-planning

Vocabulary Word

Definition

Wealth-planning is a strategy to manage your money. It's about making decisions like how much to save, where to invest, to meet your financial goals in life.

Examples in Different Contexts

For succession planning, 'wealth planning' ensures the smooth transfer of business ownership and assets. A business consultant might explain, 'Effective wealth planning includes succession planning to ensure your business and assets are transferred according to your plans, with minimal disruption.'

Practice Scenarios

Accounting

Scenario:

Our client has raised concerns about protect their assets for the next generation, we should recommend an effective strategy.

Response:

Absolutely, we should encourage them to include estate planning as a part of their overall wealth planning strategy.

Finance

Scenario:

The market volatility is causing concern among our clients. We should suggest alternatives to mitigate risks.

Response:

That's a good idea. Diversifying their portfolio can be a part of their wealth planning to mitigate market risks.