Top Tips for Picking a Wealth Management Firm

Top Tips for Picking a Wealth Management Firm

A wealth management company is a good choice if you have been investing for a while and are ready to hand over your portfolio management to someone else.

Make sure that you choose someone who cares about you and your investments before hiring them. Check out our tips to learn more about what to look for when choosing a wealth management advisor.

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  • It is a major decision that should be carefully considered when hiring a wealth management company.
  • Instead of focusing on the price, consider the value of the advice. Ask current clients for information and do your research.
  • Check the credentials of potential advisors to ensure that you are working with the person you met and not another employee at the company.
  • It would help if you understood the compensation of your advisor. This is often a red flag if they get a commission based upon which products you sell.

Do not focus on price.

It’s simple to compare the prices of wealth management firms when you are choosing one. It’s easy to see why one number is better than the other.

Tyler Landes, CFP, Tandem Financial Guidance, LLC, states that you should not get too focused on price. Instead, focus on value. Value is what you get, not what the price is.

He said, “At the bottom of the day, i tell people to understand what an advisor gets paid and what service or product it’s going to deliver in return.” Then, decide if the value is equal to the cost. If the value isn’t there, cheaper isn’t better.

Ask other clients about their experiences with advisors. Ask your advisor what their ideal client looks like. Landes stated that it wouldn’t be likely to work if the description isn’t in line with your goals and ideas. Your advisor should care as much about your portfolio and your goals as you do.

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Landes stated, “I have gained clients because their previous advisor didn’t reach back to set up regular meetings, and they felt like small potatoes,”

Ask your advisor how often you will be able to meet or how you’ll keep informed about your investments. It would help if you were kept informed about what’s happening.

Verify Credentials

Sit down with the advisor to discuss your options when choosing a firm. It is not a good idea to meet with just one person to find out later that they have passed you over to another.

Ask where they have worked previously if they are Certified Financial Planners, and what other qualifications they hold. Remember that you are the client, and it is up to the advisors to win your business.

To verify whether an advisor has been certified as a CFP, you can look them up via the SEC or Finra’s BrokerCheck. Do the same research as you would for a potential employee. Ask about the meaning of each credential or certification and ask for references from past and current clients. Before making a decision, do your research.

What are their salaries?

You can pay a CFP in many ways. There are two types of commissions: some charge a commission on the products they sell, and others charge a flat rate depending on how large your portfolio is. You want someone who is as invested as you are in the growth of your portfolio.

Hire only those who make a commission from the sale of your product. They’ll be more interested than making sure it’s right for you.

The bottom line

Choosing a wealth management company may be the most significant decision you make. Your retirement fate could be affected by who you allow accessing your accounts. This is not to discourage you from making decisions, but you must understand that advisors can be very different. Do your research and ask for recommendations from trusted people before you decide.