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Asset Management: Wealth - Essay Example

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Summary
Wealth Wealth is something that has been a huge part of our lives not because of our love for money instead because of what money could buy us. However, Stuart Lucas in his book “Wealth” discusses a lot of other sides and faces of wealth which a lot of us do not realize, thus, causing us to not make wise investments, mismanage our finances, lose it in just a snap of a finger, or perhaps not find any fulfillment in it at all…
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Asset Management: Wealth
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Asset Management: Wealth

The first one is to “align family and business interests around wealth-building goals and strategies”. To define what Stuart wanted to reflect here, being able to manage your assets in any kind of business could never start paving the right road without building strong goals as foundation and identifying the interests of those involved. This is because of the fact that there are a lot of asset management techniques that different companies now take on depending on the direction they want their company to go, of course, with consideration to the interests of the different stakeholders involved in the business. Thus, one would need to consolidate all the interests of parties involved and make sure every decision would seek to cater to each goal and at the same time, if possible, prove to be cost effective. Another of the eight principles that takes the lead in managing assets well would be to “create a culture of accountability”. ...
Thus, the clear lines of responsibility should be laid down not only towards major concerns but at the same time minor business decisions as well because it affects the whole welfare of a business. You may not see it now but eventually it will have a way of coming back at you. Chapter 3 probably is one that exposes the secret to a lasting business success. It discusses about the importance of having a business that is centered or rooted in values. We surely have heard of the term, “business is business”. Well, it really is because it is an activity that is all about giving something good to your customers and earning in return, but not necessarily disregarding the first clause which a lot of businessmen forget. One great point Stuart made in this chapter was that when businessmen are faced with situations where they would have to balance value from meeting their business objectives, it is indeed of no question that values should come first because they are what gives your wealth meaning. Once you lose understanding that you are in the business because you want to provide something of good value to your customers while earning from it is subliminal, businessmen would get blinded and eventually lose connection with their customers that is a cause of a business to die. Another point made by Stuart is that building your business foundation with the right values instead of just the financial aspect of it is essential. We all know it would be hard especially when every industry is responsible for people’s financial security, that is of your numerous stakeholders. However, the best motivation for this is the fact that in the long run corporate social responsibility and ... Read More
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