How to Choose a Wealth Manager: Everything You Need to Know

There is strong evidence showing that people who have a financial plan are more confident about their futures and build more wealth than those who do not.

Ready to make the leap and start building a bright, financially-secure future?

Finding the right professional is an important step to help you successfully reach your goals and build your wealth. A wealth manager works alongside their clients to identify their financial goals and build a plan that helps them build wealth.

Wealth managers are knowledgeable financial professionals but they must be good communicators as well. It’s important that wealth managers and their clients work well together as a team.

But how do you choose a wealth manager? Our guide tells you everything you need to know.

How Do I Choose a Wealth Manager?

A wealth manager’s job is to provide you with the type of financial guidance you need to build wealth. When comparing wealth managers, there are some important factors to consider before you make a decision. To find the right one, you’ll need the answers to the following questions.

What Is Their Strategy for Building Wealth?

Managing wealth is not the same as managing investments. Managing investments means making sure that your investments are profitable. A wealth manager should manage your investments to some extent, but managing wealth covers a much larger scope than just investing. Offering this service means making sure all financial areas of your life are covered including:

  • Investing
  • Trust and estate planning
  • Tax planning
  • Retirement planning
  • Real estate advising

Make sure the wealth manager you choose offers the specific product and services you need.

What Are Their Fees?

Wealth managers’ fees are taken in one of two ways. They can work on commission on the various products they offer or they can assign fees to the different services they provide.

As yourself what your needs are and what the fee structure may look like in your case. It’s important to make sure that you will be paying for a plan that is structured to your needs as a client.

How Do They Serve Their Clients?

Ask any potential wealth planner about how they offer financial advice. How often do they meet with their clients?

Once a year? Upon scheduling an appointment? What are your expectations?

Communication is an important part of the wealth management job. Make sure what they offer is what you expect. You don’t want any surprises when it comes to the availability of your wealth manager.

Choosing a Wealth Manager

There are a lot of good wealth managers out there, but the key to choosing the right one comes down to being a good fit between advisor and client.

Choose a wealth manager with experience, who communicates well, has great references and reviews and offers all the products and services you need. A good wealth manager should value you and your money and should give you all the guidance needed to build long-lasting and secure wealth.

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