Wealth management firms are all different. You need to make sure to do the work to pick the right one for you. Wealth managers work with their clients to identify financial goals and map out a plan for achieving them that’s built around choosing solid investments that’ll grow over time. If you’re ready to build serious wealth, here are some tips to help you choose the right wealth management firm.
1. Get a Feel for Their Ideal Client
In general, wealth management firms cater to investors who have a sizable asset base, but they don’t all take the same approach. Some wealth managers may prefer to work with clients who have between $50,000 and $500,000 in assets while others might exclusively target millionaires. Asking a wealth manager about the kinds of clients the company works with can give you a sense of where their expertise lies and whether that coincides with what you’re looking for.
2. Compare What They’re Offering
If you’re searching for a Wealth Management Firm in Virginia, you may already have a clear idea of what you need them to help you with. If that’s not the case, it’s important to consider what kinds of products and services different firms offer. Does your wealth manager only offer investing advice or does the firm also assist with things like taxes or estate planning? Some firms may specialize in certain types of investments or strategies.It’s also a good idea to pay close attention to the firm’s overall investment strategy to make sure it aligns with your goals. If you’re considering several different firms and they’re all offering the same cookie-cutter portfolio options, that’s a sign that you may need to look elsewhere.
3. Check out the Pricing
Wealth management firms can help you increase your wealth. There are two basic ways that wealth management firm get compensated: by charging transaction costs on the products they offer or assigning an annual percentage on assets under management. When it comes to cost, the most important thing to consider is the amount of value you’ll get for what you pay.
4. Ask About Their Availability
While you probably don’t need to speak to your wealth manager on a daily basis, you might need to be in touch with them regularly. Asking how often they meet with their clients and how they prefer to communicate is important to ensure that you’re both on the same page.
5. Take a Look at Their Track Record
Wealth management firms in Virginia can have millions or even billions of dollars in assets under management, but that alone isn’t an indicator of how well they serve their clients. If you’ve zeroed in on a handful of firms, consider their past history. For instance, has the firm received any special recognition or awards? Can you find positive reviews through Google or Angi or another consumer site?
The Bottom Line
Working with a wealth manager is all about forming a relationship with someone who has a fiduciary duty
to you and cares about your money as much as you do. Choosing the wrong person for the job has the potential to be disastrous, not only for you but for the next generation if you’re planning to pass wealth on to your heirs. Using our tips as a framework can make it easier to find a firm that’ll have your best interests in mind.
Tips on Finding a Financial Advisor
- People who work with financial advisors report greater financial security, and research suggests that working with an advisor can result in additional annual investment returns ranging from 1.5% to 4%.
- When you meet with a financial advisor, make sure you are asking the right questions.