Just as there are best practices to most industries, there are asset management best practices to follow that might be different depending on location. This means a financial consultant needs to understand what the best practices are for asset management. This includes any laws that are specific to a geographical area, like Miami.
Why the focus on Miami? If you Google best place for new small business and you will get several hits that state why Miami, though often sought out for its beaches and place for retirees’, is a great place for new startups. And if you’re going to start business in Miami, it would be a good idea to start out with an asset manager in Miami.
What is Asset Management
Let’s take a look at what exactly asset management is. Simply put, asset management is part of a process that an asset manager can start by doing an analysis of what your assets are and how best to put those assets to use for you. For a business owner that might mean figuring out the costs and risks involved in growing at a certain time. Asset management for an individual might be more along the lines of retirement or finding ways to invest current assets.
The best part about having an asset manager is that they don’t take over your assets but rather educate you on the best way for you to capitalize on what you have, what assets are doing nothing for you, and how to make better financial decisions for long-term sustainability. Think of an asset manager as a partner for your future.
Managing Your Assets
As your partner, a good asset manager will want you to understand how to manage your assets so you can be a part of making decisions. It’s hard to understand how your assets are being invested, or what your expectations are, if you are not a part of the process.
Today managing your assets goes beyond property, cash, stocks, and bonds. We now have digital assets. Digital assets are things that can be stored on digital devices such as documents, images, videos, and newcomer cryptocurrency. Even if your only asset is cryptocurrency, you would do well with an asset manager. Cryptocurrency does not play by the same investment and taxation rules as other assets or investments do.
Best Practices for Asset Management in Miami
Knowing that Miami is one of the best places in the United States for startups, means asset advisors need to have best practices that take that into account. In an area that is has a high-level of new businesses, one best practice would be to investigate how similar Miami businesses are managing their assets.
Another best practice is for an asset manager to have a firm understanding of the goal of starting up a business in Miami. Is this a young adult looking for a quick pop-up or are you dealing with older adults looking for additional income past retirement? That’s doing due diligence in doing your best to do what is financial sound for your client.