Private Wealth & Family Office Association - Weekly

Regulations of Private Wealth

Definition of Regulation: A rule or order issued by an executive authority or regulatory agency of a government and having the force of law.

Regulations are written rules that have legal force. Once our ancestors decided to reduce risk and live as communities, some form of discipline was required to guide how each individual would relate to other community members. Civil codes were agreed upon and had to be respected if one wanted to belong to the community.

These civil codes evolved into Law, the earliest recorded being 5,000 to 3,000 BC. As the concept of Wealth and Wealth creation started being understood by our ancestors, the legal framework was an integral part of Wealth management, be it - community wealth or individual wealth.

As civilisation matured, trade and commerce with economic activities between nations, communities and individuals became more widely spread. In line with the need for civilisation to be respected and to evolve, as much of the activities needed to be put under accepted or defined laws.

Financial and Banking Services Regulations have existed since the beginning of institutionalised banking in the temples, then through Monarchs in their kingdom. Whilst the reason for regulation was principally to protect the kingdom from fraud and malpractice, it also allowed taxing the transactions.

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Building a Personal Wealth Plan

Extract from The Wealth Game – An Ordinary Person’s Companion - By Peter Alcaraz, writer, and creator of The Wealth Game.

Making a Plan

Let’s say that I have a burning desire to drive from London to Nice, a trip of about 865 miles, and to arrive next Monday afternoon. I have the car and the skills to handle it, the money for fuel, understand the relevant natural laws of physics and biology, and have read up on the European rules of the road, border control, and customs requirements. I also have the exact address and a map of my destination in Nice.

An element is missing, however, and whether I am the forward-thinking, organized type, or a laid-back dude, it can’t be avoided. I need to make some decisions about the journey.

One simply can’t be ducked: Do I cross the English Channel by Eurotunnel or car ferry? Choosing the latter immediately raises the question of which port of departure and ferry line since there are several.

There are a few more questions I might want to consider:

What day and time do I leave London?
Should I book the channel crossing or just turn up?
If I book, for what time?
If I take the ferry, do I want a cabin?
Once in France, shall I do the trip in one go, or arrange an overnight stopover?
Should I do some sightseeing, detour to see friends, or buy wine on the way?
What route will I take?
Am I happy to pay toll fees on motorways?
Should I take some euros with me or rely on credit cards?
Are there any likely traffic congestion hot spots to avoid?
Do I want to drive at night when the roads are quiet?
Will I buy food and drink along the way or take it with me?
What music should I take with me to listen to?

My decisions on these and other questions relating to the journey amount to a plan. Even if the answer is “I can’t decide any of these things. I’ll just get in the car and see what happens,” it’s still a strategy called winging it.

How about tinkering with the objective? Perhaps remove the “Monday afternoon” part and just arrive when I arrive. That makes life much easier and raises fewer questions, but some still remain.

What happens if I drop Nice as a destination altogether? Now we’re getting somewhere. The sky’s the limit here—no decisions or strategy of any kind is needed. I can just drive and see where I end up.

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A Career in Financial Services

By Ayoob Rawat

Financial Services is a huge industry with many career opportunities. It can be rewarding and lucrative but because of that, there is a lot of competition.

It does not matter what existing degree or qualification you have, as long as you are numerate and passionate about financial independence, you can progress if you are well prepared.

After this series that has been broken down into 5 parts, you will be able to better plot your path to an exciting future in the Financial Services sector.

We will investigate:

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Introduction to the world of Private Wealth and the Family Office on Udemy

🟢 The Private Wealth & Family Office Association is highly involved to empower professionals to discover the blue ocean of private wealth and family office services.

We have therefore included our program ‘Introduction to the world of Private Wealth and the Family Office’ on Udemy to make it easily accessible.