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7 Tips for Choosing a Wealth Management Firm

By Brendan Freeman, President, First Business Trust & Investments

Note: This article was first published in Enlighten™ magazine. Download a copy today and you’ll also receive future editions.

When choosing a wealth management firm to protect and grow your accumulated assets, start at the very beginning by learning as much as you can. Educating yourself will allow you to make the most informed decisions on your family’s behalf. Then keep in mind the following tips to guide you when selecting a partner to help you manage and grow your wealth for years to come.

  1. ACTIVELY RESEARCH TERMINOLOGY AND THE PROCESS.

Brendan Freeman

The more you know, the more you can confidently evaluate and choose a provider, and have an educated discussion about your options.

  1. RESEARC THE FEE STRUCTURE.

However, steer clear from choosing a provider completely based on fees. Trust is paramount in the relationship, as your nest egg is on the line, so you should feel fully comfortable with your choice.

  1. CONSIDER GEOGRAPHY.

A local expert who is accountable to you in person, whom you trust to listen to your priorities and will partner with you is important. Are you getting personal attention or are you receiving a generic email once a year?

  1. LOOK INTO THE FIRM’S RECORD OF ACCOMPLISHMENT.

You’ll want to see how they’ve performed over short and long economic cycles so you have an idea of what to expect.

  1. UNDERSTAND RISK.

Before you start working with a firm, find out if they will help you identify the risk profile you want for your investments.

  1. ASK HOW THEY WORK WITH THEIR CLIENTS OVER TIME.

As you age and your needs change, will the firm proactively adjust your risk profile?

  1. CHOOSE CONNECTION AND EXPERIENCE.

A good fit is paramount, as is securing an experienced team you trust to actively work on your behalf. Make sure your team listens and understands you and knows your priorities in an effort to get it right for you and your family.

For More, Read Enlighten™ Today

In this issue of Enlighten, our experts discuss popular financial considerations affecting women of all ages.

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