The decade is slowly drawing to a close. What investment strategy worked earlier in the decade might not reap the same rewards now. And there’s always that off-chance you’ve developed a ‘blind-spot’ when it comes to managing your finances. So what better time than now to review your financial goals and manage your wealth?

Here are four ‘smart’ wealth management resolutions that every high net-worth individual should keep in mind for 2020:

Maintain a balanced portfolio

Now, more than ever, with highly volatile markets, having a balanced portfolio is vital in order to even out high-risk investments by countering it with steady, long-term investment options. Having a variety of investments provides a blanket of security; if one doesn’t do well, you have others to fall back on.

Be it Exchange Traded Funds (ETFs), stocks, bonds – shop around, focus on diversification, and spread risk around as many investment options as possible. Concentration of bets may help create wealth, but diversification is the best way to preserve it.

Tip: Experts advise on ‘big picture’ investing; lookout for stocks that will deliver big returns over the course of the next few years and not just the next quarter.

Pick the right sized insurance

Whether it is life insurance, health, home or auto, insurance coverage is crucial to all – including when it comes to financial planning. HNI’s in particular have relatively more complicated risk management needs and less obvious needs for catastrophic coverage. The real risk might be overinsuring against minor threats and underinsuring against major ones.

In 2020, commit to audit your life and insure yourself (and your family) and smooth out the relationship between your need and coverage.

Never underestimate the importance of financial planning

Often people believe that just because they have adequate assets that they do not require financial planning. However, a financial planning extends beyond managing assets. It will help accurately provide context around assets, liabilities, and annual expenses, which in turn can offer insight and analyses into spending ratios, annual expenses, and quite possibly even asset misallocation.

The first step to successful financial planning is to obtain an advisor. The advisor will ideally review your current financial circumstances and future goals and develop a financial plan that is customized for you.

Audit your portfolio for hidden fees

Do you really know your portfolio costs? Investment costs, including fees are the most overlooked aspects of investing. So much so that hidden fees may virtually kill your returns. Quite often exotic financial products (be it equities or fixed income investments) bring along with it hidden fees and high costs.

Make sure you audit your portfolio in 2020 and ‘trim the fat.’