The Question To Ask Your Wealth Manager Before You Hire Them


No matter if you are a high net worth individual or person who’s looking to achieve financial security in life, when it comes to the management your wealth, stakes are always high. And it’s for everyone. Wealth managers play an important role in your life. Every decision that you make on their consultations holds significance. So you need to know the questions to ask your wealth manager before you ask a wealth manager to work with you.

The right questions that you ask help you make the right decision about the person who’s going to be working with you in managing your most valuable assets. For example, if you need clarification about Wealth Management vs. Investment Management vs. Asset Management, they can provide detailed knowledge to choose the best. It takes time, courage and a lot of determination to build assets over the period. Nobody wants to take a risk with that. No science enables you to understand a person thoroughly. You can only know a part of it. That too, in a few interviews, you won’t be able to get much that you can trust a person wholeheartedly. It’s the pertinent professional question that you ask your wealth manager, that gives you an insight into the person as a professional. Because at the end of the, it is their skillet that you need to cultivate. To do that, you must be aware of the questions to ask your wealth manager when you interview him/her.

Wealth Management Advisor Interview Questions

Before you interview a wealth manager, you should make sure that you don’t have any confirmation bias. Even if you have, make sure they don’t come into play. This little exercise will enable you to do an honest analysis of the person’s professional ability. Mostly, it is the professional ability that you need to judge; unless there are traits in the person that you do not like at all. But, still, it is the assessment of professional ability that should be at fore of your interview. Following are the must ask questions to ask your wealth manager at the time of interview.

  1. What are your credentials?

When you are judging a person’s professional ability, it has to start with his credentials. It gives you a good idea about where they stand as a professional. But the credentials should not be the sole criterion for their assessment. But make sure they at least one of the following certifications:

  • Chartered Financial Analyst
  • Certified Public Accountant
  • Certified Financial Planner
  • Chartered Financial Consult
  1. How long have you been working in the industry?

Apart from financial education, one thing that matters most is the experience. Someone who has handled diverse clients anb\ddd worked on the different portfolios, will always be better poised to guide you through financial decisions.

  1. How long are you willing to work with me?

Your equation with wealth manager holds a lot of importance. When a wealth manager works with you for a long period, he can understand your unique financial needs.  So make sure you ask, how long he willing to work with you. If he works for a firm, how long his firm allows a wealth manager to work with a particular client. Big firms usually rotate their wealth managers among their diverse base of clients. If the period is too short, consider a smaller firm. Never forget these questions to ask your wealth manager because all of this can have a long term impact on your financial well being.

  1. Do you receive any commissions from your firm?

It’s important to understand how your wealth manager is getting paid. The incentives he’s getting if he is not working independently. If your wealth manager is getting some commission from his firm, he might influence your decision making in that direction.

Five key questions to consider in wealth planning

When you are building your portfolio, and starting financial planning for the long term. There are some questions that you need to ask yourself. The following are the question everyone should answer themselves before they start building their portfolio.

  1. What is your net worth?

A comprehensive analysis of net worth is mandatory before you start your financial planning. You should list down all your assets and liabilities. If you are facing any troubles in the calculation of your wealth, you can keep these questions to ask your wealth manager for better clarity.

  1. What are your financial goals?

Having clarity of financial goals helps you plan you manage your portfolio better. Divide all your financial goals into three categories.

  • Short term: The goals you look to achieve in 0-3 years
  • Medium Term: The goals You look to achieve in 3-5 years
  • Long term Goals: The goals you look to achieve in the period of five to ten years.
  1. What is the amount you need to achieve your goals?

Once you have clarity about your goals, you need to the amount you need to realise your respective goals. If you are not able to decide, you can save them as questions to ask your wealth manager.

  1. What is your risk appetite?

Having a pre-analysis of risk appetite always helps; it will not push you into anything that you are not prepared for.

  1. What are your investment options?

Have a compressive analysis of your investment options according to risk appetite. If your risk appetite is high, keep more and more equity options in your portfolio.  Consider checking out Miroslav Vyboh as well.

Do I need a wealth manager to establish a trust?

Setting up a trust has been a part of a wealth management strategy; many people for this option. It provides you with a good tax shelter from your creditors. If you just limit the question to whether you need a wealth manager to set a trust or not; then the answer is not necessarily. But setting up a trust is a complex process, it’s always advised to have a wealth manager to assist you. Make a list of questions to ask your wealth manager to establish a trust. They will detail you about the whole process.

If you ask all the questions mentioned to your potential wealth manager, you will be able to make an informed decision; whether the particular person suits your financial management needs or not.   

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