Business Standard, May 13, 2018
CEO. Sanctum Wealth Management
Stories abound of sports stars and entrepreneurs who have squandered their wealth due to poor planning. Fortunately there are some keystone principles people can follow to increase their chances of making this transition securely. Accept that finding the right configuration will take time. Consequently, avoid making big decisions too quickly, and while some short-term decisions are essential, be prepared to define (and refine) the approach over time.
Establish a comprehensive plan, reflecting a clear set of financial and life goals. This may involve recalibrating an existing plan or creating a new one. It would include elements ranging from lifestyle needs and new ventures (often the case with entrepreneurs) to the management of assets and philanthropic activities. Within this, setting financial goals for managing assets should involve the core elements of profiling, like return expectations, risk tolerance, time horizon, liquidity needs, tax considerations, etc.
Finally identify a team of trusted advisors who can bring the right depth and breadth of expertise to meet your needs. The process can be daunting, but investing time in it can have an asymmetric payoff. Seek multiple opinions, including from those in similar situations.