In fact, maybe it’s been two lifetimes, yours plus that of your spouse. Doesn’t it make sense to work with a professional who can help you protect and preserve what you’ve earned?
When considering a wealth manager look for someone who is independent and offers unbiased and objective investment advice, so each party’s interest is properly aligned. And as you should be working together for a long time, be sure you are comfortable with your wealth manager.
While many professionals can offer financial services such as stock brokers and accountants as well as bank and insurance company representatives, these types of “advisors” tend to fall into two categories:
Investment generalists: These offer a broad range of investment products but do not specialize in a single product type or specialized service. While they offer many different products, they do not make consulting an essential part of their business model rather they are “transaction focused.”
Product specialists: These focus exclusively on an investment-oriented product niche and frequently offer a single product type as a “solution.” They often offer such products as managed accounts, stocks or fixed-income alternatives. This can be especially problematic for those who may need a variety of financial solutions. Like investment generalists, these advisors do not have a consultative orientation and tend to be transactional.
Wealth managers: These advisors take a comprehensive approach to meeting your needs and use a highly consultative plan to construct integrated strategies for your specific problems. While many advisors call themselves wealth managers, the following hallmarks are of those who truly practice wealth management:
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