Connecting With A Quality Wealth Manager – What You Should Know

posted by Chris Valentine

Entrusting someone else with your money may seem like a worrisome prospect to some, but it can be a wise, and oftentimes necessary, decision. Those looking toward retirement, and planning to rely on their investments as a supplement to their government or corporate pensions may find it beneficial to work with a wealth manager. Whether looking for personal trust services or investment counsel, working with an experienced expert can help grow your money.

But how do you connect with a wealth manager? Further, how do you connect with a quality wealth manager? To answer that, this article will look at a few tips on finding the right wealth manager – what questions to ask, what criteria to insist upon, and what services are available to help you in your search.

Use A Wealth Management Service

The first and most important takeaway is that you don’t have to search for a wealth manager alone. Enlist the help of a wealth management service, like Wealth Management Canada who research and identify the best wealth managers available. You tell them your needs and situation, and they create a shortlist of wealth managers that would be good for you. You then get to take that list, review it, and make a more informed decision.

It’s a free service that aims to empower investors, and you aren’t beholden to any of the wealth managers put forward – at the end of the day, the decision is still entirely yours. The service simply helps you focus your search, utilizing industry knowledge and experience.

Look For Experience And Diversity

Experience is key in considering a wealth manager, but you also want to know that your chosen firm is diverse. If everyone at a firm comes from a single area of the investment industry, your portfolio can’t reap the rewards of different perspectives.

Review Their Track Record

You do need to consider performance, though if you only go by a wealth manager’s performance last year, you aren’t getting a very comprehensive picture. While their fund might have had a banner year, looking back at the historical and long-term returns will paint a more accurate picture. Using a wealth management service (like the one discussed above) makes this review much easier.

Consider How Much Attention You Will Receive

Figure out your chosen wealth manager’s AUM (Assets Under Management), and consider it relative to your own capital. Will your money be significant to the firm, or a very minute part of it? The significance of your money to a firm might determine the amount of attention you receive, which is why people oftentimes choose boutique wealth management companies.

These are just a few of tips you can follow, and points you can consider, when searching for a wealth manager. It’s an important and impactful decision, and it requires, on your part, serious and thorough research. As mentioned, a wealth management service can get you most of the way there, as they have experience vetting and assessing wealth managers, and matching investors to the right company.

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