![]() The process of dividing an investment portfolio among different asset categories, like stocks and bonds. On the investment side, some of the most common strategies include: Strategies used by wealth managers vary across the industry. Meet with a few different wealth managers to get a better sense of who is a good fit for you. This person will be responsible for making decisions about your finances, so it’s important that you trust them. Make sure you understand what these are, and what products or services they’re tied to.īefore signing with an advisor, make sure they’re someone you’re comfortable working with and someone you have confidence in. You may be charged investment-related or specific advisory fees. Confirm they offer the specific products or services that you need, and ask whether those products are proprietary or non-proprietary. The advisor you work with is going to suggest or choose strategies for your portfolio, so you’ll want to agree with the way they make decisions. Make sure the advisor has a history of working with clients in circumstances similar to your own. Ask around for reviews on local firms, or search for an advisor through FINRA Brokercheck or the SEC’s Investment Advisor Public Disclosure database to learn about the reputation of different firms. Here are some factors to consider when interviewing wealth managers: For example, some certifications you might look for include certified investment management analyst (CIMA), certified private wealth advisor (CPWA) and certified financial planner ( CFP), among others. When choosing a wealth manager, it’s important to find a professional who is reputable and has the right licenses and expertise to give you sound guidance for your unique needs. Other advisors you work with on a regular basis-like your accountant or attorney-may also be able to provide insight into whether a wealth manager can help with your financial needs. However, if you run into questions you can’t answer, or have needs that could benefit from input from a specialist, then a wealth manager could help you make informed decisions about your finances and provide guidance throughout the process. If you’re clear about your goals and confident in your ability to choose the products and strategies that will help you grow and protect your wealth, you may not need the help of a wealth manager. The decision to use a wealth manager depends on your financial situation and goals, as well as your financial expertise. Private wealth managers offer the same types of services but for high-net-worth individuals ( HNWIs) or accredited investors with assets in the millions. This may include creating a will or trust and designated beneficiaries. A wealth manager can help you develop a plan for what will happen to your assets after your death. ![]() This is especially important if you own your own business or have multiple income streams. A wealth manager can provide advice on how to structure your finances in a way that minimizes your tax liability. These plans can be revisited periodically as your circumstances change. The manager can also help you plan for retirement, saving for college and other major life events. A wealth manager can help you develop a financial plan that includes saving, investing and spending goals. If the manager is a licensed investment advisor, they may also select and manage investments on your behalf, often in exchange for an annual fee. A wealth manager will work with you to develop an investment strategy tailored to your goals and risk tolerance. These are some of the services most commonly available through wealth management firms: The goal of a wealth manager is to help clients grow and preserve their wealth over the long term. These may include investment management, financial planning, insurance sales, tax advice and estate planning. They are a licensed financial professional who typically provides a comprehensive range of services. ![]() The goal of wealth management is to help you achieve financial security and grow and protect your wealth.Ī wealth manager is a certified professional who provides financial advice and services to clients who need wealth management help. This includes, but isn’t limited to, financial investments, tax planning, estate planning and other financial matters. Wealth management is the process of making decisions about your assets, sometimes with a wealth manager.
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