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By Dr. Tanae Wolo Acolatse, Full-Time Faculty, Kaplan University Published May 2015
Wealth management is often associated with helping individuals develop long-term strategies to enhance their financial situation. However, when it comes to wealth management in the business world, many companies are not prepared for managing risks and planning for the future. Are companies taking note of the changing conditions? For example, funding methods have transitioned from traditional sources (e.g., bank loans) to crowdfunding sources (e.g., Kickstarter). So how should businesses shape themselves for wealth management success? Here are three steps that they can follow to meet this objective.
According to Barbour (2014), wealth management is a continuous process that will shift based on circumstances. Businesses must take note of changing conditions, assess their current position, and see where they stand. If they are lacking in any of these areas, there is no need to wait. Businesses should develop a plan to use the three steps to get on track for wealth management success!
Barbour, T. (2014).Wealth management strategies for individuals, businesses, and nonprofits. Alaska Business Monthly, 30(9), 20-22.
Moore, C. (2015). Netweaving. Presentation presented at the 3rd Annual Riotstarter Symposium, Atlanta, GA.
Dr. Tanae Wolo Acolatse is a full-time faculty member at Kaplan University. The views expressed in this article are solely those of the author and do not represent the view of Kaplan University.
By Cynthia Waddell, PhD, CPA, CFE
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By Rachel Byers, Full-Time Faculty, School of Business
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