who is responsible for asset management
who is responsible for asset management
Most people manage their money by choosing a financial advisor and then following their recommendations. Asset managers do the same thing, only instead of recommending investments, they recommend how to manage your money so that it produces the highest possible return. This includes choosing investments, managing your money so that it grows tax free, and making major financial decisions like when to retire. Most asset managers will also manage your money for a fee, which means that they'll take care of all the complicated work so that you can focus on the things that are important to you.
A major obstacle for people with poor credit is Asset Management. In the United Kingdom, motor insurance is compulsory, which means that you must purchase liability insurance in case you're found legally liable for damage that another driver causes. This is called third-party liability insurance, and it costs around 10% of the price of a car insurance policy. Some people also choose to purchase additional coverage such as uninsured motorist coverage or comprehensive coverage, which can also cost between 10% and 20% of the cost of a car insurance policy. ///
The person who is ultimately responsible for managing the assets that you build through your investing is your financial advisor. This person is sometimes called an investment manager. In a low-cost investing environment, a financial advisor will typically manage your investments using a diversified portfolio of index funds or ETFs. If you have a long term financial plan and are willing to put in the effort, you can often achieve the same results for much less money.
The main responsibility for asset management falls to the individual with good credit. If you have poor credit, a car insurance company will likely be the only creditor that agrees to lend you money. In these cases, the car insurance company is responsible for making sure you make your loan payments. Unfortunately, this means that they have a financial incentive to avoid lending to people with poor credit.
If you have poor credit, it's unlikely that a car insurance company will give you the insurance you need at a price you can afford. Instead, the car insurance company will issue you a policy with a low limit, which means your insurance will only cover a few thousand dollars in damages rather than hundreds of thousands. This means that if you're involved in an accident and injured, you may be asked to pay a large portion of the other driver's damages yourself. This is called subrogation, and it's the responsibility of the asset management department to ensure that the company is paid back for its losses. ///
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