When you have a high level of wealth to your name, it is important to find someone to manage it for you. While the compulsion is to take care of your own money, this can lead to disaster. Having a private wealth manager can help cut down on the hassle of your day to day life. When you choose a money manager, you are putting a great amount of faith in their work. You should know what you are getting into before you choose anyone to handle your private wealth management in London or anywhere else around the globe. Here are some key tips to help you find what you are looking for in a money manager.
Do Your Homework
Checking into certain companies before you make an appointment is a must. Whether you choose to Google search your prospective managers or go more in-depth with your investigation is up to you. Asking others in your position who they use is also an excellent choice. Knowing how those close to you feel about their money managers can be invaluable. Going through the research to narrow down your list of prospective managers will save you a lot of time in the end.
Always Check Credentials
Part of doing research also consists of checking a manager’s credentials. There are a few different sites, such as the SEC site and the Financial Industry Regulatory Authority, that allow you to check into the work history and qualifications of your prospective managers. You should also ask these questions of any potential wealth managers in person. Verifying their answers will allow you to know two things: what their qualifications actually are and whether they can be trusted to tell you the truth. Knowing these two things will help you understand whether or not you want to let this person handle your wealth.
Price Should be Insignificant
When shopping for a wealth manager, try not to focus on the price. It is tempting to be swayed by pricing, but that should not be your main focus. It is much more important to focus on the quality of service provided. An excellent wealth manager who costs a bit more is usually a better investment than one who charges a bargain rate. Focusing solely on price could lead you to put your money in the hands of someone who won’t treat it wisely.
Fees or Commissions
It is important to note whether your money manager will be paid in a standard fee or buy commission. Many firms pay their investors a salary, so you know that they won’t be trying to sell you things purely so that they earn a profit. Money managers who work on commission may be more interested in making themselves money than making sure you have what you need.
Understanding exactly what you are looking for in a private wealth management in London firm is incredibly important. These people will be in charge of protecting and investing your money for you. They will have access to your accounts, so knowing that they are trustworthy is crucial. You should always do your homework and make sure all credentials check out before you make your selection.