Categories: Financial Planning & Advice Wealth Management

What makes a Good Wealth Manager?

Posted on: 14/03/2020

Raffi Pailagian
MBA, BSc, DipFP
Financial Planner / Managing Partner

Categories: Financial Planning & Advice Wealth Management

So What Makes A Good Wealth Manager?

The difference between choosing a wealth manager and a good wealth manager can mean a difference of thousands, even tens of thousands of dollars to your bottom line. So, what makes a good wealth manager? Let’s take a look at what you should look for, and what you should avoid.

Before you Start

Before you start looking, think about what it is that you might need from your Wealth Management plan. Are you thinking about Estate Planning and asset protection? Or are you just starting out and looking for strategies to build wealth and protect income? Either way, make sure the firm you choose has the expertise you need in the areas that are important to you.

The Basics

Choosing the Right Person

Once you have a shortlist of potential Wealth Managers who are qualified do the job, you will want to look at how they do the job. You will be working closely with your wealth manager. And with any luck they will be with you for decades, so it is important that you not only have faith I their ability, but in the way they do their job, and in your ability to communicate effectively with each other. Some things to consider when choosing a good wealth manager are:

Do they Listen to you – do they ask about you and your goals? Do they understand your needs and aspirations? Are they developing a bespoke plan just for you or taking an ‘off the shelf’ approach?
Are they considering a wide range of opportunities? There is always more than one way to skin a cat – so are they thinking creatively to get the best results for you?
Is their plan flexible? Your situation will change over time. Does their plan allow for these changes, and potential changes in the environment as well?
Do they have knowledge across a wide range of areas?
How experienced are they? It takes experience to read the market and know when to take calculated risks and when to protect your position, particularly in volatile markets.
Is their strategy cohesive? All the individual parts of the strategy should work together to form a balanced whole, As we said in our last blog, the whole is greater than the sum of the parts.
Do your philosophies align? If you have philosophical objections to investing in particular industries, does your wealth manager respect those ideals?

And Finally…

Once you have chosen a Wealth Manger, be open and honest. Don’t hold back. They will be best positioned to help you if they know and understand all your goals, needs and concerns. This decision could have a huge impact on your financial position now and into the future – so choose wisely!

When you want to chat about what sort of Wealth Manager can best help you achieve your financial and life goals, please contact us on 02 9976 3388 or click below and we’ll be in touch:

Interested in knowing more?

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