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    3 Replies Latest reply on Oct 5, 2010 12:42 PM by Biz_Finder

    Wealth Management firm

    jmoney333 Newbie
      Hi everyone,

      I have this idea of starting a wealth management firm, but I need some clarification of what an actual wealth management company really is. Another question I have is how do these wealth management firms create profit?

      The list below comprises strength's that I feel that would work in my favor if I do go along with my idea.

      -My age, I am only 19 and a freshman in college. So time is on my side.

      • I've always felt I have had a passion for helping other people make money, i've always been the one to encourage my friends to save and invest it into the stock market and what not. I think I would really enjoy hearing what that client wants to be able to do and what is important to him and help him achieve that.

      • My mother happens to be the executive assistant to a married couple that are CEO's and owners of an oil investing company, and my father is a day trader. I currently am working at the company my mother works for as an office assistant and have been working there for a year now. How this benefits me is that the owners are very fond of me, and I know that for a fact because the guy let me barrow his Range Rover one weekend, and also let me barrow it for my senior prom. My office is also next to the senior financial guy that is currently on the phone all day talking to potential investors for a very large partnership. What this means is a hear business negotiations and persuasions all day which I feel really helps me.

      -My grandfathers brother is the sixth largest real estate broker in the nation and his position is being passed down to his daughter. His daughter happens to have always been fond of me since I was a young boy. What this means is I could have a potential leg up if I want to acquire real-estate investments and opportunities to net work with people.

      • I am currently looking into a long term mutual fund for my self. My hopes are by the time I am 30 or 40 or so I will have some money in my pocket to possibly start up this or another idea I have.

      • A good amount of my friends come from pretty wealthy families, and have pretty large trust funds. What this could mean is that if I do follow threw with my idea these could be possible clients. I know thats a shot in the dark, but like I said, I am just thinking of things that could POSSIBLY work in my favor.

      I know these might seem a little slopped together but its what I have come up with off the top of my head. Please don't be around the bush with y'alls advice and opinions. I am here to get constructive criticism so I can gather knowledge and get pointed in the right direction. Not to get bashed about how dumb this is.
        • Re: Wealth Management firm
          LUCKIEST Guide
          Wealth Management firm

          Hi, I know all about Wealth Management.

          Also read post "Diversification" by Freemarkets
          • Re: Wealth Management firm
            blackhawk12 Wayfarer
            One of the rules of the rich is that, if you want to be rich an dwaelthy you need to either buy or create assets. The first step of creating money is recognizing that money is "abundance" and the below mentioned points:

            1. Moeny is Enery and it follows the Laws of the Nature and like the tides of the ocean it has a natural rythm of flowing in and out. Or we restrict the flow of abundance with limited thinking.

            2. Money is Impersonal. Create the need, open the ernergy and let the Universe provide all the good into your life.

            http://www.blackhawkpartners.com

            • Re: Wealth Management firm
              Newbie
              Jmoney are you taking an appropriate degree at university? Are you investing yourself now and keeping records of your trades? Could you write a book or a blog about your investments, strategies, learning curves etc? As you said you're still incubating but you could also be taking your first steps even now. Reputations take time to build so begin now if you can :-)