3 Tips Every Successful Wealth Manager Propounds!

By Daniella Rand

Successful wealth managers are a highly qualified bunch. It stands to reason that you should listen to what they have to say, at least when it comes to managing your own money and charting a course to a prosperous future.

Most wealth managers worth their salt tell their clients to cover a few bases from the get-go. Follow these tips in order and you’ll be well on your way to securing your family’s financial future.

Daniella Rand

3 Tips From Successful Wealth Managers

Successful wealth managers invariably advise their clients to follow these three tried-and-true money management tips. Are you following any already?

1. Get in Touch With a Seasoned Wealth Manager

First things first: get in touch with a seasoned wealth manager whose practice philosophy aligns with your own personal goals and risk tolerance. You don’t have to entrust every single financial decision your household makes to your wealth manager, mind you. But you absolutely want to have a steady hand at the tiller as your personal and professional lives grow more complex. Having a wealth manager in whom you have the utmost trust is crucial.

2. Get Comfortable Managing Your Own Savings & Setting Near-Term Financial Goals

Your wealth manager’s input is invaluable as you work to manage your long-term financial goals and stay on top of your investments. You, on the other hand, are more than capable of managing your own savings and near-term financial goals. Speak to your wealth manager about taking charge in this arena; they should be more than happy to give you a crash course.

3. Keep Close Tabs on Your Investments’ Performance, and Don’t Be Afraid to Have Tough Conversations With Your Wealth Manager

If you’re serious about brokering a long-term relationship with your wealth manager, you need to be prepared to monitor the performance of your investments and bring any concerns you might have to your advisor’s attention. Don’t shy away from frank discussions around performance; if your expectations aren’t being met, you have every right to say so.

Monitor Like a Boss

It’s worth re-emphasizing this last point. As the old saying goes, “You can’t manage what you don’t measure.” If you’re serious about managing your own finances in close cooperation with a seasoned financial advisor, it’s on you to ensure you’re monitoring the performance of your investments and the security of your liquid savings.

This isn’t rocket science, of course. Monitoring your savings and investments is a matter of discipline and attention to detail: two traits that plenty of successful people have. 

Likewise, it’s important that you feel comfortable bringing the results of your ongoing monitoring activities to the attention of your financial advisor, who must also be carefully monitoring your portfolio.   A good advisor will happily listen to what you have to say and work with you to tweak your financial plan, should circumstances require it. If at any point you feel as if your concerns aren’t being heard, think seriously about taking your business elsewhere. Your financial future is too important to entrust to an advisory partner in whom you have less than the utmost confidence.