Achieving financial security starts with securing enough for personal needs, a sufficient income to manage your debts and a cushion of savings to cover emergencies while indulging in occasional luxuries. However, as your financial capacity grows, and your goals and aspirations become more complex, you may need to reassess your overall strategy to effectively manage and maximize your wealth. How do you ensure your family’s future is secure? How can you maintain and grow your wealth? How can you leave a lasting legacy across generations?
Enter wealth management
The journey from savings to wealth management is a progression towards greater financial security and prosperity. Employing a comprehensive wealth management strategy not only helps you become more financially stable, but also attain lasting financial prosperity allowing you to focus on long-term goals, manage risks effectively and enjoy peace of mind. The first step is to partner with a bank with expertise that understands your needs.
“Wealth Management entails making informed decisions and leveraging on expert advice. It’s because it provides a holistic wealth approach that integrates various financial services that empower individuals to come up with an optimal mix of solutions to address their requirements” says Jacqueline Wieneke, Wealth Management Group Head of the Rizal Commercial Banking Corporation (RCBC).
Every individual has unique objectives. The essence of wealth management lies in understanding these goals and connecting them to tailored financial solutions.
“At RCBC, we take time in understanding our clients’ objectives and segment them into short, medium, and long-term goals and then come up with a blend of products and solutions to maximize their wealth potential,’ Wieneke adds.
When to consider wealth management
Is there a specific time to consider wealth management? Wieneke said that generally, some people tend to seek wealth management solutions when they reach a life stage that requires them to think about their future and legacy.
However, Wieneke encourages them to start their wealth management journey early, really in their younger years. “We engage with the younger generation (second or third generation), so they, too, with guidance and advice from our team of experts, can appreciate and not miss out on opportunities to grow their funds. Investments starting at P5- to P10-million already allow them to access a wider range of financial products and solutions that go beyond traditional savings, checking and time deposit accounts,” Wieneke says.
When you’re single, with P5 million, you might feel it’s fine to invest anywhere. But starting a family changes things. Life suddenly takes a different shift. Now you don’t think of yourself anymore. You think of family. You think of having to build something. Then you think of how to leave a legacy for the next generation.
Lawyer Guia Santos of RCBC Wealth Management Business Division says that considering wealth management services early can help set a solid foundation for future stability and growth. In addition, having a deep understanding of what a client needs, helps the Relationship Managers assess their needs, even those they may not be aware of.
For example, Santos noted that estate planning “should be done when you’re young as it will help you structure your assets and beneficiaries in a more tax-efficient way.”
Santos advises those seeking wealth management solutions to choose banks and financial institutions that prioritize clients’ needs. She highlights RCBC Wealth Management’s reputation for trustworthiness.
Building trust over time
“If you look at the history of RCBC, we’re known for taking care of our clients. Most of our clients have been with us for generations,” Santos adds.
RCBC Wealth prides itself on the longevity of client relationships that span multi-generations, as far down as the 4th generation, all being serviced by the bank. It is a testament to the enduring trust and integrity that clients have for the bank as it stays committed to look after their wealth with utmost care, helping them grow their wealth, not only for this generation but for succeeding generations. This continuity allows the bank to have a deep understanding of each family’s unique dynamics and financial goals, ensuring that legacies can be smoothly passed on to heirs.
“That speaks about the service we provide,’ says Wieneke. “That also speaks a lot about customers’ trust and our client-centric approach.”
Wealth Management significantly enhances your financial well-being. By partnering with a trusted financial institution like RCBC, you are assured of wealth preservation and a prosperous future for you and your family.
