Managing your investment can be a headache, especially if you don’t have a knack for it. You need a team of experts to ensure that your investment portfolio are moving forward or gaining yields, even without you delving much into it.
With that, you need to find one that would fulfill your investment goals and guide you to financial success. If you are on the look for a wealth manager or already have a shortlist in hand, this guide can help you narrow down your choices:
- Asked about their experience in the field
When you are hiring a consultant, you need to know first his experience in the field. This is also important in the case of wealth managers as they will be entrusted with managing your wealth and investment. It would be best to check their portfolio, their clients, alpha investments they are handling and their years in this industry. Their experience would speak of their capability and their reputation, and their portfolio would tell you how vast their connection and network is.
- Capabilities as a financial adviser or wealth manager
Each wealth manager has their field of specialization – from handling bonds to tax and inheritance planning. But it would be best to have someone that are quite knowledgeable in different aspects of wealth management. The most important would be drafting an investment strategy to help you point out which investments would be the best to take upon, given your financial and wealth goals.
And if you are thinking if you are thinking of putting up a business, having someone or a team that is knowledgeable with alpha project management would be an ideal choice as they can help you on forecasting trends and opportunities for the business you are planning.
- Level of service
Wealth managers or wealth management firms are handling a number of clients, and not just you. You have to take this factor into account when you are making a short list of prospective wealth managers. Ask them on the maximum number of clients that they can handle and the frequency of meeting each of these clients. Although they are handling several clients, they need to ensure you that they can take good care of your portfolio and not compromise your investments over the others.
Do not forget to ask they already handled a client that has a similar case to yours. This would give you an idea on their client management.
- His investment approach
Investment approach would depend on the need and preference of the client, but wealth managers have their own as well. Are they risk takers? Conservative? Flexible? It is important that the wealth manager’s investment approach is aligned with your investment philosophy and needs. This would form needed bond and trust between the two parties which is essential to reach the goal they set.