They say life is what you make it, and you have to be deliberate, detailed and determined to create a life you're proud of. However, you don't have to do it all alone.
As you start saving money, making investments and looking at ways to plan for your future, working with wealth managers and financial planners at Summitry may be essential in helping you craft a future you can look forward to. While your life is ultimately up to you, surrounding yourself with advisers and resources that have your best interest in mind is another important step. If you're looking for a money manager, here are three key qualities to keep your eyes out for.
If you've ever hired someone for a position that isn't entry level, you were most likely looking for the candidate with the best track record and ability to succeed in the role. When you're hiring someone who will advise your wealth decisions, you want to make sure they come with a hefty bag of tricks up their sleeve, too. You adviser should have a detailed outline of how they've helped portfolios grow over a lengthy amount of time. Investing doesn't happen over night, and markets change daily, so you want to see longevity of growth in different economic situations. In addition, ask for concrete examples of wealth maturation such as reduced taxes and income generation.
You want to work with someone who has similar financial values and goals, so establishing and understanding how they and the firm are paid is essential to having a good working relationship. Do they only make money if your investments grow, or do they charge for every money move made? Do they make more money in you invest with certain agencies, or are they free to work with anyone? This can limit the firm's objectivity when advising places to invest your money. While it is true that people can work with and have good relationships with someone who is different than them, the more you and the firm can agree on financially, the better you'll feel about making certain changes and investments with something as important as your wealth.
Since markets change so frequently, and you can't predict what tomorrow will hold, you want to find an advisor that makes you and your investments one of their major priorities. While you won't be in communication with them every day all the time, a good working relationship requires discussion. You don't want to work with someone who you see once or twice a month because you could miss investments or moves that would have significantly paid off in the long run. Ask about their availability and how frequently you can expect to have constant communication with the adviser.
Like looking for a good relationship, you have key traits you look for in a partner. With managing something as important as your wealth, it's vital to look for quality traits in a financial planner, too. The more you can nail down before hand, the happier you'll be 20 years down the road with the choice you made.