|
|
| Checklist of questions to ask a wealth manager | |
|
- What experience does the wealth manager have?
- What are their qualifications?
- When was the wealth manager founded?
- Has the ownership changed over time?
- Does the wealth manager provide independent and objective advice for clients? Does the wealth manager have captive investment products? Do clients of the wealth manager have to use its products?
- Is there a dedicated relationship manager? Who is the backup in case the relationship manager is out of the office?
- How frequently does the wealth manager talk to or visit your clients?
- Does the wealth manager have regularly scheduled face-to-face meetings with clients?
- Could anyone besides you benefit from the wealth manager’s recommendations?
- How does the wealth manager charge for its services? Can you provide a list of fees? How is this paid for?
- Is there a minimum account size or fee requirement?
- How does the fee structure differ for different client types?
- Does the wealth manager offer any performance based fees?
- Does the wealth manager accept fees from any other service providers? Under what circumstances and how is this disclosed to clients?
- How many clients do each relationship manager have?
- How many new clients has the wealth manager added and lost in each of the past three years?
- Has the wealth manager ever been publicly disciplined for any unlawful or unethical actions in their professional career?
- Ask for a written agreement of the services to be provided.
- What kind of client education does the wealth manager provide?
- Does the wealth manager publish research for its clients’ benefit?
- Does the wealth manager provide electronic versions of client reports? Do clients have online access to its reports?
- Can the wealth manager describe its typical client profile?
- Will the wealth manager provide references from existing clients?
- How many employees work at the wealth manager?
|
|
|
|
