A wealth management firm focuses on strategies to maintain and grow total wealth, which can include assets like real estate, investments and cash. Unlike a financial advisor, who provides advice across a broad range of financial topics, a wealth manager specializes in the areas that are important to high-net-worth clients, such as estate planning and tax mitigation. As the demand for these services has grown, many traditional investment firms have sought to expand their offerings by introducing their own private wealth management divisions.
Whether you’re a seasoned investor looking for help in navigating the complexities of wealth management or you’re considering turning over your investments to someone else, there are a few guidelines you should follow when choosing a wealth management firm. You should also be aware of the fees that will be charged, as these can significantly impact your return over time.
As you start shopping around for potential wealth managers, ask about their experience and how they work with clients. You’ll find that the way a firm approaches its clients is a good indicator of how it might approach your own needs. For example, a larger firm might prioritize communication with its clients and leave the day-to-day investment and asset management to teams of specialists. Meanwhile, a smaller firm may be more hands-on and prioritize its relationship with you and your finances.
A well-known firm with a diverse offering of wealth management services is UBS. This Swiss-based company caters to affluent investors and provides a full suite of services that includes brokerage accounts, robo-investing and a $0-commission online trading platform. The firm’s team of certified financial planners can help with retirement planning, tax mitigation and estate planning.
It’s also worth considering a small firm with a specialized offering of services for investors who are looking for an alternative to the large investment management firms. These independent providers can offer customized solutions and expert counsel to deliver results. They’re often less expensive than their big-name competitors, making them a strong option for investors with significant assets.
In addition to offering a wide range of investing services, many wealth management firms provide other financial services to their clients, including private banking, insurance and business succession planning. This gives clients a one-stop shop for all their financial needs and can help them save on costs by having everything in one place.
Choosing a wealth management firm is a big decision that can affect your financial future. The best firms can help you maximize your returns and achieve financial freedom sooner rather than later. If you’re ready to get started, SmartAsset’s free matching tool can connect you with financial advisors in your area. Start your search today! wealth management firm