Steps to Finding the Right Wealth Management Firm

Every person has different financial goals for their futures. Some people start early and have built up a substantial portfolio by their 40s or 50s. Other people will go through a drastic financial change. Either way, they may want to alter their wealth management process to better fit their current lifestyle.

Whatever your situation may be, you’ve come to the point where you need outside help. A wealth management firm provides financial services through which they can help you decide on the best financial goals for your budget. Use these steps to help select the right firm.

What Services Does the Wealth Management Firm Offer?

Wealth management firms come in all shapes and sizes, so you will want to find out the specializations that they focus on. Some firms focus on high-asset clients with wealth averaging from $50,000 to $1 million, as they may have a set minimum that their clients must have in assets to gain their services. In addition, a wealth management firm may offer products based solely on investments, or they may branch out into additional services such as tax assistance, estate planning or insurance products.

It’s best to consider the types of services that you desire. Then you can whittle down your list of options to find the wealth management firm that best aligns their services to your particular needs. Also, consider a wealth management firm that has scalable services in case your financial situation changes in the near future.

What Are Their Qualifications and Track Records?

Just because the wealth management firm is handling billions of dollars in assets doesn’t mean that they are handling them well. You want to evaluate the company’s history and qualifications. Check out the background of the firm, read past reviews, and look over disclosure form ADV, which a financial advisor files with the United States Securities and Exchange Commission (SEC). This form provides information regarding company history, services, billing practices and any judiciary actions that were levied against them due to misconduct.

How Do They Get Paid?

There are no basic fee or cost rules that every wealth management firm adheres to when offering services. Some companies charge by commission while others charge a flat fee for services. You may also find a firm that charges an hourly rate or a retainer. Review the fee structures of the wealth management firm as well as your budget.

Once you locate the right company, you will be able to grow and maintain your finances for your future lifestyle as well as provide an estate for your heirs. Use the above steps to find a financial consultant that has your financial interests in mind.

Taking The First Step

If you’re looking for help with wealth management, then contact the friendly professional team at Larry Turner, CPA. They offer a wide range of services and would be happy to discuss how they can help you.