Deciding on a wealth management firm is a big decision that most people do not take lightly and neither should you. Picking the right wealth management firm is essential to the success you are looking for and the type of relationship you look for. Below are a few questions to consider when selecting a firm.
Are they equipped for your unique situation?
Each personal portfolio has its own unique characteristics and roadblocks. When selecting a firm, ask them direct questions about what you hope to get in terms of relationship, growth, and transparency. Knowing what you expect to happen and what can be delivered on is a large part in selecting the firm that is right for you.
What all is provided and does it meet my needs?
What are the services you will be paying for and are you comfortable with all that is provided? Over everything else, you will need to be happy with that you are paying for. Knowing exactly what you are signing on for and what the firm can deliver on is important in assessing your overall needs. Each firm has different strengths, so feel free to “shop around” until you have found a firm that provides you will all the services you are expecting.
What is their experience?
Make sure to see what their experience is and what types of portfolios they have been involved with in the past. Knowing these details will help make the best decision for your specific situation. Additionally, it doesn’t hurt to look at their overall experience and how flexible and accommodating they have been. You may be looking for a firm within a niche area or a firm with a wider set of experience to help with varied situations.
Can you trust them?
Do you feel that you can trust them? Trust is an enormous part of the relationship you will have with a wealth management firm. If you cannot trust a firm to do their best work and provide the results you are looking for, then you will need to rethink the firm. Knowing that you can trust a firm will also put you at ease. You can trust that they will do right by you and only take risks that you have signed off on.