Asset Management Awareness Month
Learn how to navigate the waters of Asset Management with Financial Advisor Carmella Nodine.
Asset Management Awareness Month encourages individuals, organizations, and businesses to develop a better understanding of asset management, honor those working in the profession, and increase their focus on the importance of proper asset management.
Asset Management FAQs
What is an asset?
An asset is anything of value or a resource of value that can be converted to cash. Some examples include: real estate, personal property (ex. boat, car, jewelry, collectibles etc.), and of course, investments.
What is asset management?
Asset management is when a financial institution takes control of managing part or all of an individual's portfolio. This can be done by an investment bank or a personal financial advisor.
What are the goals of asset management?
There are two distinct goals financial institutions have when it comes to asset management. First, grow or preserv a client's portfolio over time; and second, mitigate risks.
How is this accomplished?
Make sure you are diversified in different assest classes is a good place to start. There is a saying that still rings true today, "Don't put all your eggs in one basket."
Why is asset management important?
If you hire an expert, they can help you account for all your assets (and liabilities) and enable you to view them in a holistic way. Also, they can help you set short and long-term goals and help you stay on track to meeting those goals. The most important part of financial management is to have the financial professional review and monitor your assets with you so that you can gain knowledge and feel more confident.
Written by Carmella Nodine, Financial Advisor with Navigation Financial
Carmella is an independent financial advisor with a passion for financial literacy education.
