How to Find a Wealth Manager

When trying to determine how to find a wealth manager, it helps to first understand what a wealth manager does. Wealth management refers to the consultative process of providing financial products and services to assist an affluent individual in meeting specific goals. A wealth manager or wealth management team handles a client’s assets or investments as well as helps the client form a cohesive financial plan and investment portfolio.

A wealth manager can help you assess your long- and short-term goals, define your risk level and preferences, and organize a financial plan to meet your needs. Some managers specialize in certain products, but full-service management firms provide a range of services for every financial goal and life stage. HSBC’s wealth management services, for example, include investments, insurance, retirement planning and estate planning.

Related: What’s the Difference Between a Certified Financial Planner and a Financial Advisor?

Tips for Finding the Top Wealth Management Firms

Selecting a wealth manager can be a highly personal process because, given its far-reaching implications, it can be one of the most important choices an affluent person makes. There is no single correct process to finding the right professional, but the following steps are critical to making a wise decision.

1. Determine the Size of Wealth Management Firm You Like

Wealth management firms range from small teams to branches of major commercial and investment banks. Barron’s December 2014 list of the top 40 wealth management firms included companies with teams ranging from 11 wealth managers to nearly 20,000 wealth managers. Larger firms are likely to have more aggressive pricing, while smaller firms can offer more personal service. Using a list like the one from Barron’s can give a you a place to begin refining your search.

You’ll also want to assess the firm’s online services. Decide whether online features for contacting your wealth manager and monitoring your investments and accounts are important to you or if you would prefer other services or products instead.

Related: Meet the Advisors to the Richest People in the U.S.

2. Interview Several Wealth Managers

Interviewing wealth managers can help you narrow down your list of candidates. After selecting the relative firm size preferred, speak to at least one large and one small firm to compare them. The primary goals of this process are to evaluate how the firm considers risk and whether the firm’s wealth manager has the type of personality to develop a successful long-term relationship with you. Look for a firm that has the full range of products you need and that can manage your assets while providing guidance through good and bad economic times.

During the interview, talk about your specific financial goals and which products are needed to accomplish these goals. The wealth manager should explain the firm’s approach to assisting you in achieving your goals and advising you as well as how often you will meet to review your portfolio and update your wealth management strategy, such as whether you will talk monthly, quarterly or less frequently. You should be comfortable with each of these facets before making a selection.

3. Get Recommendations and References

As the competitive landscape in wealth management continues to intensify, particularly given the use of new technologies, checking references and getting referrals is important. In addition to researching an individual wealth manager, you’ll want to understand the firm you’re hiring and its performance history. The Securities and Exchange Commission provides extensive information about investment management that can help you evaluate a wealth manager and understand your options.

4. Choose Your Wealth Manager

With the information you gather from interviews and independent resources, you’ll be equipped to choose a wealth manager. You’ll want to not only find a person you can work well with but also a company that offers a satisfactory online user experience. Most wealth managers communicate in person or by phone and offer supplemental online services. Wells Fargo, for example, gives customers the choice of calling a financial advisor or requesting a call from an advisor through its website. Wealth management firm Personal Capital’s website enables people to schedule calls with advisors and enroll in investment services online.

Read: 31 Ways Financial Planners Can Make You Richer

Once you hire a wealth manager or select an online wealth management service provider, remember that your choice of who you work with is not irreversible. While repeatedly changing wealth managers can have an associated cost — and undermines the idea of building a lasting relationship with an advisor or team of advisors — you should review your wealth manager’s fees and services regularly to make sure you’re getting the attention you require at a competitive rate.

Questions To Ask a Wealth Manager at Your First Meeting

When you’re ready to meet with a wealth manager, having a predetermined list of questions can help you ensure that you gain a clear understanding of who you are working with and what their capabilities and priorities are. Below is a preliminary list of questions that you should customize to suit your needs:

• What is the firm’s biggest failure? What is the firm’s biggest success?
• How do you mitigate risk?
• Can the firm provide continuity across generations?
• What products are necessary for building a comprehensive financial plan?
• Does the firm manage all of its products internally?
• Does the firm specialize in a specific product, service or strategy?
• What are the firm’s growth plans?
• How often do you meet with clients after initiating a relationship?
• What are the costs associated with each service?

Ultimately, wealth management is designed to provide a comprehensive plan to affluent individuals. Following a careful process when selecting a wealth manager can increase the probability of forging a successful relationship.

This article originally appeared on GOBankingRates.com: How to Find a Wealth Manager

This article by Douglas Ehrman first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.