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Create your wealth management plan

Four simple steps will help you create a customised wealth management plan.

Set and prioritise your goals

Before you create a wealth management plan, establish the goals you want to achieve for the current and future stages of your life. Some of these goals could include purchasing property the following year, setting aside funds for your children to study abroad for university, or saving for your retirement in 10 years.

Ensure that the goals you want to achieve are aligned with SMART principles: Specific, Measurable, Attainable, Relevant and Time-bound. Then rank them according to their importance and the time frame you'll need to achieve them. Prioritise your goals and ask yourself what you want to achieve first.

Understand your financial situation

Next, you need to draw up two lists: The first is an asset list that includes your income, savings, investment income and property valuations; the second is a debt list that includes your outstanding credit card payments and mortgage loans. You'll be able to find out the amount you're able to put toward wealth management after you subtract your total debt from your total assets. Following that, compare the amount available for wealth management against your goals to gauge the additional funds you still need.

For instance, if your goal is to retire early and you want to create a wealth plan to target that, list out the savings you've already set aside for retirement or the amount you currently have invested (excluding your pension). Then, based on your planned retirement age, you can work out the amount you're currently short of.

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Select suitable products or services

After quantifying your wealth management goals, you can put your plan to action through savings and insurance plans, or investments.

Investment products may help you hit your wealth management goals faster, but they carry a certain level of risk. Your risk appetite will determine the investment products that are suitable for you. An investor who can assume medium to high levels of risk may choose to invest in equities, while someone with a relatively low risk appetite would find a better fit in structural investment products that preserve personal capital partially or fully.

For more details, make an appointment with us or visit your local HSBC branch. Our client relationship managers and product specialists will conduct a risk assessment for you, and offer advice on how to optimally allocate your assets.

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Review your wealth management plan regularly

Your wealth planning goals will change over time. This is why it's important to do yearly reviews of what is important to you, to ensure you're still fitted with the most suitable wealth management plan. Your asset allocation plans should be customised according to any changes to your needs, so that your wealth planning goals are on track.

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