Small Business Brief


How Do I Choose the Best Wealth Management Firm in My Local Area?

Currently, about 77% of Americans say they feel anxious about their financial situation. If managing your finances makes you want to pull your hair out, have you considered working with a wealth management firm?

Working with a financial advisor can help alleviate some of your stress since you won’t be solely responsible for your own portfolio. Continue reading to learn tips on how to choose the best wealth manager in your area to help take some stress off your plate. 

Ask Around

The best place to start is to ask your friends and family if they have any recommendations for a local wealth manager. In many cases, firms use tools for referral systems because they know the importance of word-of-mouth recommendations and making a great impression on customers. Use this to your advantage by asking your network for recommendations.

This gives you a great opportunity to ask people you trust about what you can expect working with a particular firm. 

Look at the Services Offered

When you’re comparing different advisory firms, take the time to ask about the services they offer to clients. For example, you might ask if they offer the following:

  • Tax planning
  • Estate planning
  • Real estate investment strategies

Carefully think about the services you need so you choose a firm that can deliver. 

Compare Fees

When you hire someone to help you manage your money, it’s important to understand how their fee schedule works. Generally speaking, there are two ways that wealth managers earn money from clients. Some advisors charge a commission on the products they sell to their clients. Others charge a specific fee based on the services they offer. 

The latter is known as a fee-only advisor. They typically charge a set percentage of your earnings as their fees. If you don’t want to feel like you’re getting a sales pitch every time you meet with your advisor, a fee-only advisor may be the best option for you. 

Ask About Availability

Before deciding on which wealth management firm to hire, it’s important to have realistic expectations about how often you’ll talk to your advisor. Take the time to ask about how often you’ll meet with your advisor, preferred communication methods, and if you’ll have a single advisor assigned to your account or a team of people. 

When you’re concerned about a particular investment or you want to make sure you can afford a big purchase, you’ll need to know how to contact your advisor quickly. That’s why it’s best to set communication expectations upfront. 

Hire the Right Wealth Management Firm for Your Needs

Now that you’ve read our tips for finding the best local wealth management firm, you can start the process of finding the right one for your needs. By taking the time to do research beforehand, you’re more likely to find a firm that can cater to your particular needs and see big returns. 

Want to read more content about finances and investing? We’ve got you covered. Check out our other blog posts before you go!