7 things to consider before hiring a Wealth Manager

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There are two kinds of experts who offer financial services: brokers and advisors. Many people often get confused between the two. However, it's easy to differentiate and understand who fits the bill for you.
Brokers are either insurance sales people or stockbrokers that work on commissions. They either work for insurance or stock broking companies, or work independently as agents. They don’t help you manage your wealth, and are paid to sell financial products that their company has tie-ups with.
On the other hand, a wealth manager is a fee-based advisor who charges a certain percentage (typically 1%) of the total assets of the client. They offer advisory services for a wide range of products including mortgage, retirement plans, stock options, tax planning, bonds, inheritance, real estate investments and so on. Such advisors work closely with the client and modify their portfolio depending on the circumstances.
If you are looking for someone to manage your overall wealth while providing you with personalized support, a wealth manager would be the best fit for you!
What are the factors to be considered before hiring a wealth manager?
Regardless of what you might learn from hearsay, managing your own finances is never a great idea. It is a decision that directly affects your entire family, your overall finances and involves a number of considerations. Therefore, even if you have the knowledge, it is always advisable to hire an expert. Here are some of the most important factors that you must consider before hiring a wealth manager:
Choosing a wealth manager may be one of the most important decisions you’ll ever make. They will not only act as an asset to manage your wealth, but will also work as a protection during your bad times. They hold the power to change the fate of your retirement. So make sure to choose wisely!
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