What does a Wealth Manager Do and Should You Hire One | AU Small Finance Bank
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What Does a Wealth Manager Do and Should You Hire One?

    Accumulating wealth is difficult, but managing the accumulated wealth is even more difficult. However, when you outsource the decision-making to an expert, you’ll be able to achieve your financial goals more easily and quickly.

    Let’s be honest: Not everyone is a financial expert. If you lack knowledge, managing investments on your own could wind up hurting your potential investment returns. If you have accumulated a significant amount of assets and if you are looking for someone to manage your overall wealth, consider hiring with a wealth manager.


    • Why should you hire a Wealth Manager?

    Wealth managers are professionals who can advise you on decisions related to wealth management and personal finance. From mortgage, retirement plans, stock options, tax planning, bonds, inheritance to real estate investments, etc - financial advisors can help you with everything. These professionals will understand you and your goals and help you take a holistic approach to financial planning.

    Wealth managers are fee-based advisors and usually work with high-net-worth clients. Some work as fee-only advisors and charge an annual, hourly, or a flat fee. While some work on commission and are paid through the investments they sell.


    • Qualities of Good Wealth Manager

    If you are one of those looking for a good wealth manager - these qualities are worth noting.

    • Shares skills, knowledge, and expertise
    • Demonstrates effective communication skills both verbally and nonverbally
    • Takes personal interest in your goals
    • Exhibits enthusiasm in the concerned process
    • Motivates by giving good examples
    • Values others opinions and ideas
    • Demonstrates a positive attitude and acts as a positive role model


    Finding the right wealth manager is really important. The professional will not only bring a positive change in your financial growth but will also give you that extra measure of confidence.


    • Tips to Find the Best Wealth Manager:

    Even if you have the knowledge, it is always advisable to hire an expert. Here are some tips to hire a wealth manager:


    • Do Research/ Browse the Internet

    The first very important thing to do is research. Browse the internet and look for some information online. Check for reviews and know if they have the right knowledge and experience about the finance industry.


    • Shortlist Reputed Professionals

    Once you have done the research, shortlist experts that have demonstrated professionalism. When you choose a professional with a reputation for excellence and customer service, you’ve got a much greater chance of leaving satisfied with your experience in the future.


    • Speak to Past Clients

    Speak to past clients and other consultants. You will be able to gauge by their responses if the wealth manager is capable of providing the quality of service you require. Getting background checks from people that have been through the same process is probably the best way to find about the wealth manager.


    • Meet the Wealth Manager - Revaluate and Analyze

    Use the first visit to analyze the wealth manager you are interested in. This will communicate to the person that you are not going to be bullied. To make sure you are getting what you really want, consider asking a few questions such as:

    • What is your minimum asset requirement?
    • How long have you been a wealth manager?
    • How long do your clients stay with you on average?
    • What are the fees?
    • How often will you have meetings?
    • How did you handle the past recession period? Etc.

    Clear communication will not only help you understand if the wealth manager is genuine but will also help you understand if the professional is really interested in working with you.