How Do You Choose a Wealth Manager?


Quick Answer

To choose a wealth manager, determine if the manager is trustworthy and has the necessary professional qualifications and experience to manage one's funds. An investor should choose a wealth manager with significant experience in managing investments for investors with a similar net worth.

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Full Answer

Check the references provided by a wealth manager diligently to ensure accuracy. A good wealth manager shares the returns generated by past clients and allows a potential client to speak with such customers. An investor should understand and accept the fees that are paid to a financial advisor for their services before making a hiring decision. A financial planner must be easily accessible via telephone and in-person. An investor has the final say on any investments made by a financial planner, but building a relationship of trust and mutual respect is important for a succesful professional relationship.

Choose a financial advisor who is registered with the Securities and Exchange Commission, or any other relevant boards, to ensure the manager has a fiduciary duty to manage investor's money ethically. There should be no conflict of interest between a wealth management firm and the interests of its clients. This means that the wealth manager must always put the client's interests first.

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