Lake Street Advisors, the US wealth management firm, has issued a discussion paper examining ties between effective personal wealth management and the discipline practiced in a corporate environment.

The paper, entitled "The discipline of wealth: applying a business mindset to wealth management," is written by Lake Street co-owner and relationship manager, Carolyn Decker.

Decker looks at the potential for escalating personal wealth to lead to loose ends that would be quickly addressed in a business environment, but may be left untended and become damaging in a financial portfolio, the firm said.

"As the complexity of the financial picture grows, it becomes a challenge to integrate wealth management into personal pursuits in a way that considers the full scope of financial - and sometimes non-financial - goals," writes Decker. "Under these circumstances, the kind of structure and information that fuels decision making in a business must be brought to bear on personal finance."

To view the discussion paper, click here.