WHAT IS THE FEE MODULE FOR YOUR WEALTH MANAGEMENT SERVICES?
Before you appoint a wealth coach for your portfolio management, it’s essential to know how do they charge for their services. Whether they charge an initial planning fee or do they charge a percentage of assets under management. If you didn’t see this information on the planner’s website, ask them.
Not only you deserve to know how much the service will cost you, but it can help you to determine whether they have an incentive to sell it to you.
HOW MUCH INDUSTRY EXPERIENCE DO YOU HAVE?
Certification is important, no doubts. But industry experience holds its own worth. If you appointing a wealth management company to manage your money, then it is quintessential to look for an experienced wealth manager.
WHAT SERVICES DOES YOUR FIRM PROVIDE?
Some people are just investment advisors, and only provide you advice on your investments. Other people provide a financial goal based planning around retirement, insurance, estate planning and tax planning. Go with someone whose services meet your needs.
WHAT TYPES OF CLIENTS DO YOU CATER?
Most of the financial management companies have defined their target audience. Understand whether they will be able to serve your requirements or not.
CAN YOU PROVIDE ME A SAMPLE FINANCIAL PLAN?
There is no one set structure for a financial plan, which means there are variations in financial plans. The wealth plans completely depend on your goals. Thus, it’s important to know whether the person you are appointing understands your requirements.
WHAT IS YOUR INVESTMENT STRATEGY?
Every planner has their own approach and strategy of making investments. If in case you have a strong preference for a particular philosophy, ask the wealth manager what is his or hers.
HOW OFTEN DO YOU MEET YOUR CLIENTS?
Some planners hold an initial planning meet and then see their clients once a year, and that’s all you get. Others might have a quarterly check-in at their clients’ place. Ask the person you are to appoint of how do they go about it.
WHO WILL BE MY CONTACT/COMMUNICATION POINT?
It’s important to know whom you will be communicating and discussing your wealth matters with. This question will help you to understand how often you’ll be in contact with your advisor. Some companies have a team approach rather than an individual approach.
WHY SHOULD I WORK WITH YOU?
I guess you deserve to know this answer. This will give you an insight into the strengths and weakness of the financial coach you are appointing.
DID HE ASKED ME QUESTIONS AND SEEM TO BE INTERESTED IN SERVING ME?
Finance management and planning is a more about understanding one’s circumstances than digging the numbers. It’s understanding the needs and designing a strategy to meet those needs.