If you’ve decided to sign on with a wealth manager to help steer your financial future – congratulations! This is one of the most important steps you will ever take in growing your personal wealth.

But before you dot the I’s and cross the T’s, make sure that you have spent some time on your due diligence. It’s a big commitment to work with a trusted advisor on your finances. You owe it to yourself to not rush into a decision without thoroughly vetting the person who will help determine your family’s financial future and your legacy.

It’s not enough to rely on referrals and scanning their credentials. This should be a partnership – and that requires building an authentic relationship in which you truly understand each other.

Take some time to establish a sense of where your manager is coming from, what drives them, and how they have formed their approach to their business. Here are a few questions you may want to ask.

Questions for Your Prospective Wealth Advisor

  1. Can you provide me with references?
  2. What is your philosophy on wealth?
  3. Why did you enter the wealth management business?
  4. What do you look for in a prospective client?
  5. How many clients do you work with? How do you ensure an effective balance of the varying needs of those you work with?

Remember – you are in the driver’s seat. The only person that you can expect to fully have your best interests at heart is yourself. Before you can build a trusting, mutually beneficial relationship with a wealth manager, it’s incumbent on you to kick the tires and assess whether they will be the right fit for your portfolio and circumstances. Managing the relationship with your advisor will be an ongoing process – so set the right expectations upfront for what you need.

If you aren’t hearing the answers you need – you need to keep looking. Wealth management is a burgeoning, competitive field – you owe it to yourself to work with the right person. This is as big a financial decision as you’ll ever make – just as important as a home purchase. Make it the right choice.

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