You don’t need an expert to tell you it’s been a rough year financially for a lot of people in the U.S. and across the globe. Markets are down, unemployment is up, and that leaves many feeling uneasy about the future. Now, more than ever, is the time to find the right wealth manager to help you plan for the months and years ahead.
Do you need a wealth manager?
Chances are if you’re investing, it’s a good idea to have a wealth manager in your corner. There are different scenarios that warrant a wealth manager:
- You have significant assets that you feel anxiety about losing
- You need to start making retirement distributions
- You’ve experienced a sudden loss of capital
- You lack the expertise or interest in financial instruments and/or investment culture to monitor, change or evaluate your portfolio at optimum levels
How can they help?
Still unsure about whether a wealth manager is right for you? Unfortunately, a lot of people wait until they’ve experienced a financial crisis before seeking out the help of a professional. It doesn’t have to be that way. Ask yourself the following:
- How complicated are my finances? If you’re handling tricky financial decisions such as retirement distributions, inheritance, divorce or trading, a professional will help you be invaluable in helping you navigate these complexities. If you’re young and single with little more to handle than a 401(k), you might be fine to go it alone.
- How much money are you investing? The higher the amount, the higher the stakes — and the more a professional becomes essential.
- What are you expecting? Do you want to turn around your portfolio? Make smarter investments? Get better returns? Although an advisor who promises overnight success is a huge red flag, a trusted, strong advisor should be able to walk you through various decisions that will better your long-term outlook.
Of course, as with any time you’re seeking professional financial advice, be sure to confirm professional qualifications of the wealth manager. Are they RIAs (registered investment managers, held to high fiduciary standards put in place to protect you, the investor)? Top advisors should also hold CFP, CFA or ChFC qualifications as well.
Ultimately, a lot of this comes down to your financial strategy. Passive investors can often go it alone because there won’t be a lot of regular “managing” taking place. But what a good wealth manager can do — and what has become even more valuable in these uncertain times — is give you peace of mind while actively pursuing the best investments for you and your long-term outlook. They understand the markets, the lingo and take a genuine interest in the work they do. They’re real job is building a solid financial plan for you by guiding your investments — all while keeping you informed with as much data and reasoning as you’d like along the way. They can help you avoid the common pitfalls independent investors often make and set you up for a strong and stable future.
And that’s something we can all get behind.
For more on our wealth management services, aimed to meet the needs of our clients at any stage in their investing lives, visit https://www.mbcadvisors.com/p/wealth-management.