Finding a Solid Wealth Management Partner
Many of us are hoping to rely on our investment portfolio -- stocks, mutual funds, bonds, 401(k)s -- to help us through our retirement years. We also may be planning on using some of those investments to fund college or to supplement our income. However, with today’s market volatility and investment trends, researching and understanding the financial market and wealth management techniques can be overwhelming and confusing. And if you’re like many busy professionals, you don’t have the time to sort through information necessary to make sound investment decisions or keep up with economic trends and industry news.

Regardless of your level of wealth management expertise, there is a resource that can help you navigate through the financial markets and get you on the road to achieving your financial goals. Maybe you suspect you aren’t investing as much as you should, and you’re wondering how to create a comprehensive, long–term investment plan for the future, or perhaps you need help answering questions about funding your retirement, educational fund, or estate plan. What you really need is a partnership with a financial professional to help guide you through the complexities of wealth management.

What can a Financial Professional do for me?
Basically, a financial professional becomes your “partner” in the road to attaining your financial goals. Your financial professional will ultimately provide you with knowledge and advice and assist you in carefully developing an individualized financial plan tailored to your particular circumstances, investment objectives, risk tolerance, and expectations.

How to Find the Right Professional
There are several important factors to think about when you consider working with a financial professional (e.g. identifying your needs, researching different advisors, gauging experience, checking references etc.), and each one of them is vital to finding the right person. Every financial situation is unique, so a consultant who worked well for a friend or family member might not necessarily work well for you. Make sure that there is a good fit with the financial professional’s personality and communication style, and then make sure you feel comfortable working closely with that person on a regular basis.

Keys to a Successful Partnership

Communication
Consistent communication with your financial professional is critical in order to stay on track in attaining investment success. Keep in mind that life changes that occur may affect your goals or risk tolerance, and you may need to make an adjustment to your portfolio. That’s why it’s so important to schedule semi–annual and annual portfolio reviews and keep the lines of communication open at all times. As your needs evolve, you will need to communicate your preferences or concerns, so that your wealth management strategy is consistent with your changing circumstances.

Teamwork
Not only is communication essential between you and your financial professional, but your financial professional should also work closely with your tax advisor and attorney. Consistent communication among everyone who helps manage your finances will allow all parties to have the same understanding of what you hope to achieve, and everyone will be able to better work with you.

Discipline
Your financial professional should also help with providing much–needed discipline in attaining your goals, especially during volatile economic times. If you’re worried about market turmoil and rapid movement, your financial professional can help you weather the ride by offering objective advice on how best to achieve success. They’re there to help you divert the potentially negative impact to a portfolio when emotionally–charged decisions may occur.

Diversify
The old saying, “Don’t put all your eggs in one basket,” applies to managing your accumulated wealth too. Your financial professional should help you allocate and diversify your funds, offering recommendations that meet your particular individual goals and objectives. Perhaps you’re building wealth, retaining wealth, saving for college, or you may be entering retirement. Each portfolio should be customized to what comfortably suits you best, for your particular situation and time frame to achieve your goals.

Fees
As you know, there are various types of fees involved in investing, including commissions paid for purchasing or selling stock as well as fees based on assets under management. Your financial professional should explain each type and make the recommendations that are best suited for your portfolio. Be sure to ask questions so that you have a full understanding of any fee structure, and how it affects your portfolio.

Expectations
You should expect the professional to provide a full explanation of why you may want to follow a certain recommendation, so you’re comfortable and knowledgeable about your wealth management decisions. You should also expect detailed quarterly reports and timely updates on the performance of key investments.

For many sophisticated or experienced investors, the ride to investment success hinges on frequent communication and the trust built through a relationship with a financial professional. Whether your goal is to create or distribute wealth, plan for retirement, or pass along a legacy, be selective in choosing a financial professional who will understand your goals and work with you to secure your financial future.