Are you looking for a company that will help you grow your wealth and expand your financial abilities? Read here to learn how to choose the best wealth management firm.
If you have a sizeable sum of money you’re looking to invest, you want a wealth management firm that does more than simply take care of you. It’s important to find a company that is eager to work with you and shows you how to grow your assets.
But how do you know which company is the best for you? What steps can you take to help you decide if you’ve found the best wealth management firm?
Learn more about how to find a quality firm that wants to represent and help you. Check out these five factors that make a difference in determining who to go with for your investing needs.
Table of Contents
1. Understand Who Wealth Management Firm Likes to Work With
Before you commit to the idea of working with a firm that deals with wealth management, it’s important you have a clear understanding of what their job entails. Some people believe wealth management is simply about offering personalized services when it goes beyond that.
Wealth management involves looking at everything you have, discussing how much of a risk you want to take with your money, and how much you want to grow your portfolio. Depending on what your goals are and how much you’re looking to invest determines how much activity can take place.
In contrast, private banking sounds similar to wealth management but is focused on providing wealthy individuals with personalized banking services. While topics like retirement can come up and many private bankers help with investing, this is a generalized service that doesn’t exclusively focus on your future finances.
Ensure you know the difference between the two to get the most out of.
2. Check Out the Credentials of Your Advisor
If you’re going to discuss how you can increase your portfolio and the types of investments you’re interested in making, you want confidence in the person helping you. It’s important to know what your financial advisor’s experience consists of.
This includes their background, education, and any special skills they have when it comes to working with certain types of investments. Your advisor should have a college education.
Many are licensed, but this is not a given. When in doubt, ask about experience and background as related to their time working as a financial advisor, and never assume anything.
3. Find Out the Firm’s Availability
Before you commit to a wealth management firm, it’s important to get an idea of how they like to communicate with people and what their communication style is. Using this type of business isn’t something you’ll do on a daily business, but it will impact you enough to the point where you’ll want to remain aware of what’s going on with your investments.
Finding out before you commit ensures that you’re happy with what the firm offers and fine with how they choose to communicate.
If you find email easier to deal with, make this known to your advisor. Likewise, if you’d rather have them call you, ensure they understand this before you start working together.
If you’re clear on what type of communication you like and how often you expect it, you won’t feel disappointed once you begin your services and they turn out differently than you expected.
If you go through an experienced and dedicated company like SurePath Wealth Management, you’ll feel confident knowing you can contact your advisor in a variety of ways, and have them assist in the manner that’s easiest for you.
4. Find Out What Products Get Offered
Although the products you’re interested in getting mostly come in the form of advice, there are different ways a wealth management company can assist you with what you need. Find out before making a decision, so you know what’s available to you, and can plan accordingly.
Some wealth management companies focus on one specific area of money management. Others just offer general advice on how to invest, but don’t assist with other areas of your life you’ll need help with, such as retirement or estate planning.
Review the website of the firm you’re interested in using and talk with your potential advisor to see what they’ll do for you. If you have the chance to get additional services outside traditional investment advice, take advantage of it.
This is a great time to discuss your needs and consider what’s important for your future. If you think you’ll want someone to help you plan your estate, then make sure this is something offered.
If you can’t find what you want, keep looking until you find a firm who can offer you what you need.
5. Check Out the Prices
Price is something you’ll deal with no matter what firm you go to, but not all prices are created equally when paying for services. When dealing with how you’ll pay for services, there are normally two ways wealth managers make money.
Typically they charge a commission on products, or else there’s a set price for their services. This influences how you’ll get approached when you come in for services.
Wealth management who works on commission is likely to consistently offer you new products each time they see you. This is how they make their money and allows them to keep you aware of what’s going on in the industry.
Fee-only advisors won’t act as insistently on products, but the cost you pay can range higher. If you want an advisor that won’t pitch to you, this is the best option.
Regardless of who you pick and what type of company you go with, it’s important that you’re getting the best results possible for the amount of money you pay. Routinely review the value you’re getting for your investments and return.
If you believe that you’re paying too much or the firm isn’t offering you new options when it comes to investing, it’s time to switch and find a company that gives you what you need.
No matter what type of investment company you go through, it’s important you feel you’re getting a good return on your money.
6. Review the Firm’s Track Record
Track records are important in many aspects of life. Your educational career, your job, sales, and a wealth management firm. Before you invest and decide who you plan on working with, check out previous results by looking at the company’s track record.
Although a firm can manage a lot of money, what you want to concentrate on is the results they get for their clients. A quality firm puts the needs of their clients first and ensures they help them make the most of their money through careful investing.
Look for firms that earned specific recognition in their industry, or awards related to management of client investments. Check out sites that offer reviews on how well the firm does.
Yelp, Google, and the Better Business Bureau allow you to get an idea of what other people’s experiences are, and if they would suggest this company.
Some firms specialize in helping individuals with specific topics, such as investing in the stock market or helping you get started if you have little to no investments. Consider your needs and what you currently have, and where you’d like your money to end up.
This helps you determine what kind of experience you need from a firm before you decide if you’ll benefit from their help.
Finding the right wealth management firm can feel like a tricky task, but there are ways to help you decide if you’re in good hands. Check out reviews, see what your financial advisor is like before you hire them on, and make sure you’re aware of what the company can offer you before agreeing to anything.
If you have a considerable amount of money and plan to pass this on to children or grandchildren, it’s important to find someone who cares as much about your investments as you do. Choosing an individual you have confidence in and can trust goes a long way in building a quality relationship that lasts.
If you’re curious about other ways to invest but aren’t sure how to get started, let us help. Check out our article on micro-investing, and see how you can take advantage of this new way of saving money.
No matter what you do, it’s important that you put your money to work for you. This is the only way to ensure success for yourself and you family, and feel comfortable in the firm you’re going through.