5 must do moves for choosing a wealth management firm

5 must do moves for choosing a wealth management firm5 must do moves for choosing a wealth management firmIf your portfolio is too large for you to handle on your own, it may be time to call in a professional. Wealth managers work with their clients to identify financial goals and map out a plan for achieving them thats built around choosing solidinvestments thatll grow over time. If youre ready to build serious wealth, here are some tips to help you choose the right wealth management firm.1. Get a Feel for Their Ideal ClientIn general, wealth management firms cater to investors who have a sizable asset base but they dont all take the same approach. Somewealth managersmay prefer to work with clients who have between $50,000 and $500,000 in assets while others might exclusively target millionaires.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreAsking a wealth manager about the kinds of clients the company works with can give you a sense of where their expertise lies and whether that coincides with what youre looking for.2. Compare What Theyre SellingIf youre on the hunt for a wealth manager, you may already have a clear idea of what you need them to help you with. If thats not the case, its important to consider what kinds of products and services different firms offer. Does your wealth manager only offer investment advice or does the firm also assist with things like taxes or estate planning? Some firms may specialize in certain types of investments or strategies.For instance,LaSalle Investment Managementfocuses exclusively on real estate investments.Its also a good idea to pay close attention to the firms overall investment strategy to make sure it aligns with your goals. If youreconsidering several different firms and theyre all offering the same cookie-cutter portfolio options, thats a sign that youmay need to look elsewhere.3. Check out the PricingWealth managers can help you increase your wealth but they dont work for free. There are two basic ways that wealth managers get paid by charging commissions on the products they sell or assigning fees to specific services. If youre not interested in being bombarded by a sales pitch every time you meet with your wealth manager, a fee-only advisor may be your best bet.When it comes to cost, the most important thing to consider is the amount of value youll get for what you pay. If youre spending a large percentage of your earnings on fees, its a good idea to be sure that your portfolios performance is worth the added expense.4. Ask About Their AvailabilityWhile you probably dont need to speak to your wealth manager on a daily basis, you might need to be in touch with them regularly. Asking how often they meet with their clients and how they prefer to communicate is important to ensure that youre both on the same page. If you have concerns about a particular investment or a question about a fee, you dont want to be left in the dark.5. Take a Look at Their Track RecordWealth management firms can have millions or even billions of dollars in assets under management, but that alone isnt an indicator of how well they serve their clients. If youve zeroed in on a handful of firms, consider their past history. For instance, has the firm received any special recognition or awards? Can youfind positive reviews through the Better Business Bureau or another consumer site?Digging into a firms background may take a little time but it can be worth the time and extra effort if youre on a mission tobuild wealth in your 20sand 30s or before you reach retirement age.The Bottom LineWorking with a wealth manager is all about forming a relationship with someone who has afiduciary dutyto you and cares about your money as much as you do. Choosing the wrong person for the job has the potential to be disastrous, not only for you but for the next generation if youre planning to pass wealth on to your heirs. Using our tips as a framework can make it easier to find a firm thatll have your best interests in mind.Ourmatching toolcan help you find a seasoned expert to manage your wealth. Its easy to use and only takes a few minutes. All you have to do isanswer a few questionsabout your financial portfolio and the tool sorts through thousands of advisors to find up to three that match your goals. Then you can check out their profiles, interview them on the phone or in person and choose who to trust with your assets.This article first appeared on Smart Asset.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people