3 Ways to Manage Risk While Building Wealth

Comerica Bank

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Risk doesn't have to be a barrier to strategies that focus on wealth.



Creating wealth will often come with a degree of risk. Taking on that risk can be daunting on your own, but it is especially worrying when you are responsible for others.

Dr. Shawne Duperon, author, media trainer and founder of multiple organizations, spoke about just this issue during our Detroit Comerica Bank Women's Business Symposiums.

"Women have a tendency to weigh financial risks heavier than men because we have a tendency, as a gender, to be over-responsible," said Duperon. "So not only are we over-responsible in making sure we have enough budget to meet basic needs, like getting the groceries, but we're also working and many of us are doing the household chore ... We've got a lot on our plates."

However, risk doesn't have to be a barrier to strategies that focus on wealth. Instead, understanding it can help
you identify the best opportunities relative to your situation while also minimizing risk. Three important strategies that can help you achieve this include:

1. Establish a strong relationship with a financial services provider

Funding is key when building wealth, but shopping for loans based on rate alone can potentially leave you exposed if you don't understand the nuances of the arrangement and opportunities in the marketplace. How can you be sure a bank is offering the right loan for your needs if that bank doesn't really know you?

Moving from product-focused lenders to a bank that focuses on relationship-building and consulting can be
invaluable. When you build a relationship with a financial services firm, that organization can offer you advice in achieving your goals, highlight a range of potential products based on knowledge of what you're working toward and provide stability as your wealth grows.

2. Leverage insurance and similar services to protect your wealth

Having a strong relationship with a financial risk manager can enable you to protect your wealth as your investment
and business strategies lead to personal gains. Whether you are considering legal assistance, insurance or similar services, the right partner can help you identify the financial ramifications of those decisions and create a cohesive
strategy to blend a variety of solutions to protect your assets.



3 Ways to Manage Risk

3. Plan for the future

Having strong financial resources that safeguard the future for yourself and your loved ones can be even more valuable than having wealth itself. Trust funds, investments, and long-term strategic planning can go a long way in not only safeguarding your wealth but also turning your assets into a sense of security and well-being as you think about what the future may hold.

When it comes to building wealth, the number of investment opportunities and the volume of options available for management can seem daunting. Taking any risk can be worrying, especially if others are depending on you. Comerica Bank puts an emphasis on working closely with our wealth management clients so we can help them mitigate risk and develop long-term strategies that build and protect their assets.

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Comerica’s Wealth Management team consists of various divisions of Comerica Bank, affiliates of Comerica Bank including Comerica Bank & Trust, N.A., and subsidiaries of Comerica Bank including World Asset Management, Inc.; Comerica  Securities, Inc.; and Comerica Insurance Services, Inc. and its affiliated insurance agencies.  World Asset Management, Inc. and Comerica Securities, Inc. are federally Registered Investment Advisors.  Registrations do not imply a certain level of skill or training.  Comerica Bank and its affiliates do not provide tax or legal advice.  Please consult with your tax and legal advisors regarding your specific situation.

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