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Tips for Finding a Wealth Management Firm

If you have been investing for a long time, you may be ready to turn over the responsibility of supervising your portfolio to someone else. For individuals who have amassed a good deal of money, a wealth management firm may be the way to go. Having someone take the burden of investing off of you so that you can devote your time and energy to other endeavors sounds really appealing.

However, you can’t just jump into this quickly. It is important to find a reliable firm before you hire someone. All firms are different. So it’s imperative that you find one that understands the goals and objectives you have for your money and will work to achieve those for you.

With that in mind, here are two very important things you want to look for when vetting your firm.

Focus on Value, not Price

When you are looking for someone to manage your wealth, it is easy to choose based on the price of their services. It is very easy to get distracted by the fact that some numbers are smaller than others. I mean really, who wants to pay more than they have to for service?

This is not the way to go. Instead of focusing on price, you should try looking at the value of the company’s services. Price is what you pay, but the value is what you get.

Try to evaluate each of the firms you examine to see how the price and value fit together. Make sure that the value and price line up with what you will be getting out of the firm. Cheaper isn’t better if you aren’t getting the services you want. So before you even meet with a company, browse their websites to see if their services line up with what you are looking for. Their website should clearly state what type of financial assistance they offer, as you can see in this example at www.summitry.com.

You should also ask an advisor with the company who the ideal client is. If their description doesn’t match you, the relationship might not work out. This is because you want to make sure that your advisor will care about your portfolio as much as you do.

If they don’t, they may not reach out to you as often as you would like, making you feel unimportant. Make sure to look for someone who will meet with you often to discuss your portfolio. After all, you want to be kept in the loop when it comes to your money.

Related Content: What Does a Financial Adviser Do and Do I Need One? 

Verify Credentials

When choosing a firm, make sure to sit down with the advisor who will be actually handling your account. You don’t want to meet with one person, only to be handed off to another.

In your initial meeting, ask your assigned advisor where they worked before, see their certifications, and note any other qualifications they have. Don’t be afraid to treat this like a job interview. Ask what each of their certifications means.

Additionally, it would be wise to talk to their past or current clients. Nothing can help you make a decision like good or bad word of mouth.

Also, make sure that the advisor is trying to win you over as a client. You may also want to stay informed about the investment and savings process so that you can check the advisor’s past work ethic.

After your meeting, verify that these qualifications are up-to-date and perform any other research on the advisor so you know who you are dealing with.

Finding the right financial advisor for your needs doesn’t have to be difficult. When searching for an advisor, make sure they offer the services you want and treat all of their clients well, then vet them to make sure they are qualified and will provide you top-notch service.

Leave a Comment or Answer a Question Below: What other things should factor in when choosing a wealth management company? Have you ever had a bad experience with a financial adviser? 

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  1. Eve Mitchell says

    Thanks for mentioning that you should examine firms to see if the price and value fit together. I’m thinking about hiring a wealth management company this month. I’d really like to get help to better manage all of my finances.

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