Be honest. Are you good at managing your finances and your assets? Otherwise, you are not alone at all. Although it would be nice to be able to say that you have a good grip on your financial situation, the reality is that the majority of individuals are even likely to stick their heads in the sand and hope that everything will be alright. It is pleasure to manage wealth by making the right financial decisions. This encompasses any investments that you have, estate planning, tax planning amongst others. What can you gain by using a wealth manager, and how do you identify the one that will suit you and your assets? See below!
What is the job of a wealth manager?
A wealth manager is an experienced financial professional who provides advice specifically to make you feel more financially confident and to allow you to plan into the future. A wealth manager can assist you with some of the following areas:
- Investments and savings
- Pensions
- Tax efficiency
- Estate planning
- Your business
Why is it good to have a wealth manager?
A wealth manager is not right for everyone and the expense could exceed the value to some people. You can as well be assured that you can handle your investments and savings plans without enlisting the services of an expert. But, should you need some professional guidance as to how you can expand your resources and create a future provision, then a wealth manager can assist you with this.
Selecting a wealth manager
In making the appropriate selection of a wealth management firm like Prime Wealth Advisors, some few factors that you should put into consideration are:
Investment strategies
Since you are going to assign this individual with managing your financial portfolio, you must ensure that his/her investment plans comply with your objectives. There are wealth managers who have a low risk appetite than others, and it is a matter of getting what suits you and your wealth.
Fee structures
You will also encounter that various wealth managers have diverse fee arrangements, and thus you must ensure that you settle on one that you feel comfortable with. Some of them have investment fees whereas others are accompanied by advisory charges. Always seek an advisor that is upfront with regards to his/her fees.
Professional credentials
Also, it is always good to check what are the credentials of a wealth manager before you employ them as this would give you the satisfaction that your money and assets are in secure hands. The credentials to watch out are Chartered Financial Analyst, Certified Financial Planner, Certified Public Accountant, and Certified Trust Financial Advisor. Many of the reputable wealth management firms in Dubai have employees who hold these certifications, and thus clients can get access to highly qualified personnel who would offer them sound financial advice based on their investment objectives.
Comfort and trust
At the end of it all, you have to identify a wealth manager that you trust and feel comfortable to work with. Ideally, you would want to establish at least one in-person meeting with each possible advisor to get a sense of how you feel about that person and whether or not you could envision working with them. Getting recommendations of family, friends, and work colleagues can also be a good idea as these can be worth their weight in gold.
