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Most people who consult a financial advisor for the first time know they’ll need to discuss their targeted retirement date. But this isn’t the only piece of information your advisor needs—the better they know you, your finances and your goals the better they’ll be able to help you develop a sustainable plan for your future.

Receiving money you weren’t expecting, like a surprise bonus or large tax refund, can feel like a gift—and it’s tempting to treat it as such. However, instead of using this “found” money as disposable income, it’s wise to think about the benefits of investing it instead.

Wealth management and the private banking industry have a specific client-banker relationship that goes beyond the formal communication between a bank and its high net worth clients. I have been in this industry for a long time now, and I can tell you that investors value relationships and trust people, not sleek pitch decks, products, features or big numbers. I’ve found that regardless of age, people generally trust other people, not chatbots or robots.

Many people would like to establish a budget or financial plan or take a more active role in managing their investments. With an abundance of “expert” financial advice out there, though, newcomers to financial planning may well feel overwhelmed. To get started, it can be helpful to have one simple first step.

For quite some time, the client base of the private banking industry has been represented mainly by baby boomers (those who were born from 1946-1964) and Generation X (those who were born from 1965-1980). These clients usually have already made a significant amount of money and now have passively managed saving accounts and retirement or succession planning.

Establishing financial security is an important goal, but it doesn’t happen overnight. You’ll need to cultivate good financial habits over your lifetime to reliably grow and maintain your nest egg. You’ve likely heard about the usual financial health habits, like creating a budget or setting aside money in a savings account. However, several other important strategies can help you achieve the financial future you want.

We are living during very interesting times in the history of wealth and money, with negative interest rates for the Swiss franc and euro the past several years and, more recently, trillions in stimulus measures and consumer panic resulting from the COVID-19 outbreak. In recent weeks, we’ve seen an increase in sell-offs and run-ups, likely caused by momentum trading, fire-selling and investor fear of missing out (FOMO). This has caused wide market swings.

We are living during very interesting times in the history of wealth and money, with negative interest rates for the Swiss franc and euro the past several years and, more recently, trillions in stimulus measures and consumer panic resulting from the COVID-19 outbreak. In recent weeks, we’ve seen an increase in sell-offs and run-ups, likely caused by momentum trading, fire-selling and investor fear of missing out (FOMO). This has caused wide market swings.

A typical new generation HNWI has a totally different personality than the HNWIs of the previous generation. Of course, the mindset and worldview of these new generation HNWIs is completely different. They have come into a world where the new ways of making and growing money are different from the way it used to be in the times of their parents and grandparents.