In managing the investment process investors must determine their objectives, the resources for achieving them, and the process to go through to get there. Most importantly, it is essential for clients to be exposed to any new investment procedure or opportunity in the context of their individualized investment policy. The first step in the wealth management process is to establish objectives. This step includes analyzing the current situation, where all factors that may have a bearing on the decisions should be identified, analyzed, and integrated into the process (Brown, Underwood 248). Before making any financial recommendations an investor must build a detailed financial profile so that he can under

The second important step in the wealth management process is to set a strategy. This is attained subsequent to the client assessing his goals. In setting a strategy an investor will compare fundamental investment principles to a client's goals. The client may consider five key fundamental principles when developing his portfolio strategy: Asset allocation, diversification, planning, discipline, and patience (Groppelli, Nikbakht 401). This step also helps the client to select appropriate asset classes and distributions. A portfolio's asset mix or asset allocation refers to the percentages that are invested in various asset classes, such as domestic stocks, domestic bonds, cash, real estate, international stocks, international bonds, and so on. A selection of well-diversified assets within these classes is perhaps the most effective way to manage volatility and portfolio risk in today's markets. The investor should work with his client to identify the investor profile that fits his objectives and tolerance for risk.

In the monitoring process, there are issues that should be addressed at specific times. Monthly, investors should analyze their custodian's appraisal report containing the current market value of holdings and the previous month's transactions and expenses. Particular attention should be paid to transactions initiated by hired money managers and compared against the manager's stated investment strategy. Quarterly, the investor should compare the asset allocation of the portfolio and the performance of hired money managers to benchmarks, and at least annually, there should be a formal review to determine whether investment objectives have been attained or have changed. The investor should be particularly sensitive of the need to determine whether the investment strategy still holds the highest probability of meeting short-te

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